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Ethereum Price Forecast: Ether Still Uptrending

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is in an uptrend against the US dollar and bitcoin. ETH/USD must clear the $550.00 resistance to accelerate gains in the near term.

Key Highlights

Ether’s price is positioned nicely in a bullish zone above $520.00 against the US dollar.
A contracting range is formed with support at $520.00 and resistance near $550.00 on the 2-hour chart of ETH/USD.
ETH/BTC is likely to move past the 0.0800BTC resistance during the following sessions.

Technically, the 6-hour chart indicators crawled back into the bullish territory.

Ether Price Analysis

The past few sessions were mostly positive with ranging moves in ETH/USD above the $520.00 support level. The pair is positioned for a bullish break if Ether buyers succeed in clearing the $550.00 resistance.

Similarly, ETH/BTC extended its range below the 0.0800BTC resistance. An upside break is likely as long as the pair is holding the 0.0780BTC support.

Ethereum Price Analysis ETH/USD Forecast

The 6-hour chart of ETH/USD indicates that the pair started a slow and steady rise after forming a bottom at $450.60. It broke the $500.00 resistance and settled above the 38.2 percent Fibonacci retracement level of the last decline from the $628.21 swing high to the $450.60 bottom.

The pair is currently following a solid bullish trendline with support at $510.00 on the same chart, while significant resistance awaits near $575.00. Looking at the current price action, it seems like Ether could continue to move higher toward $575.00 before seeing a downward correction.

Ether Price Analysis Chart

Dropping down to the 2-hour chart of ETH/USD, the pair is clearly struggling to break the $550.00 barrier. However, there is a contracting range forming with support at $520.00 and resistance near $550.00.

A successful close above the range resistance may perhaps open the doors for a test of $575.00. Conversely, a bearish break below $520.00 could push Ether’s price toward the $510.00 support zone, which could lead to further losses.

Important Resistance Levels

$550.00 and $575.00

Important Support Levels

$520.00 and $510.00

6-hour RSI

The RSI has moved above the 50 level, but there are signs of weakness and divergence.

6-hour MACD

The MACD is slowly gaining momentum in the bullish zone.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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