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Ethereum Price Forecast: Ether Turned Bullish

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether gained bullish traction and broke key hurdles against the US dollar. ETH/USD is poised to extend upsides with supports at $460.00 and $450.00.

Key Highlights

Ether’s price broke a major resistance at $450.00-$460.00 and surged higher against the US dollar.
ETH/USD cleared a crucial bearish trendline with resistance at $455.00 on the 2-hour chart.
ETH/BTC is slowly moving higher toward the 0.0720BTC resistance.

Technically, the 2-hour chart indicators moved into the bullish territory with positive signs.

Ether Price Analysis

In the monthly outlook, we discussed the importance of the $460.00 resistance. ETH/USD surged higher during the past few hours and cleared the $450.00 and $460.00 levels to test the next hurdle at $475.00.

There were decent gains in ETH/BTC as the pair slowly moved toward the 0.0720BTC resistance. An hourly close above this could open the doors for a push toward the next resistance at 0.0750BTC.

Ether Price Analysis Chart

Looking at the 30-minute chart of ETH/USD, the pair completed a significant consolidation pattern and broke the $455.00 resistance to start a fresh rally. The recent upward move was strong as the price cleared the $460.00 and $470.00 resistance levels.

The last two candles indicate a solid rise in buying sentiment above the $450.00 pivot. However, the price is currently testing yet another important resistance near $475.00 (as discussed in yesterday’s analysis). Above this, the next barrier for Ether buyers is at $490.00.

Moving up to the 2-hour chart of ETH/USD, there is a clear bullish break visible above $460.00. A 2-hour close above the broken resistance at $455.00-460.00 could boost buying sentiment in the near term.

Ethereum price Analysis ETH

In the short term, there may possibly be a downward correction toward the $460.00 support. An immediate support is the 23.6 Fibonacci retracement level of the last wave from the $405.29 low to $476.64 high.

Overall, Ether’s price is gaining momentum above the $450.00 pivot level. A successful break above $475.00 and $490.00 could further help ETH/USD in the near term. 

Important Resistance Levels

$475.00 and $490.00

Important Support Levels

$460.00 and $450.00

2-hour RSI

The RSI is heading toward the 65 level.

2-hour MACD

The MACD is 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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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.