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Ethereum Price Forecast: Can Ether Extend Gains Above $460?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price started a fresh upward wave against the US dollar and bitcoin. ETH/USD could extend gains once it clears the $460.00 resistance zone.

Key Highlights

Ether’s price rocketed higher without testing the $400.00 psychological level against the US dollar.
ETH/USD broke a contracting triangle with resistance near $410.00 on the hourly chart for a sharp rally.
ETH/BTC is back above the 0.0700BTC pivot with a few positive signs.

Technically, the hourly chart indicators jumped sharply higher and moved into the bullish territory.

Ether Price Analysis

Yesterday, there was a break below the $420.00 support in ETH/USD. The pair was under a lot of bearish pressure, but Ether buyers were able to defend further declines below the $405.00 level. A low was formed at $405.29 and the price jumped sharply higher.

Similarly, losses were limited in ETH/BTC and the pair moved back above the 0.0700BTC pivot level. It is now trading with a tiny positive bias, and it could trade toward the 0.0720BTC resistance.

Ether Price Analysis Chart

Looking at the hourly chart of ETH/USD, the pair started a solid rally after it broke a key contracting triangle with resistance near $410.00. It opened the doors for an upward acceleration and the price jumped above two important resistances at $420.00 and $430.00.

There was a break above a connecting bearish trendline with resistance at $432.00 on the same chart. More importantly, the price cleared the 23.6 Fibonacci retracement level of the last drop from the $548.12 high to $405.29 low.

Finally, Ether’s price surpassed a significant barrier at $440.00 and moved into a bullish zone. Moving up to the 4-hour chart of ETH/USD, the pair is now trading well above a crucial bearish trendline and resistance at $440.00.

Ethereum Price Analysis ETH

However, Ether is facing a major pivot zone near $455.00-460.00, above which the price will most likely trade toward the $500.00 psychological barrier. An intermediate resistance is the 50 Fibonacci retracement level of the last drop at $475.00.

To sum up, Ether moved into a bullish zone, and further gains in ETH/USD are very likely as long as the price is $430.00. 

Important Resistance Levels

$460.00 and $475.00

Important Support Levels

$440.00 and $430.00

Hourly RSI

The RSI is currently near the overbought levels.

Hourly MACD

The MACD is showing a lot of bullish signs.

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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