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Ether Price Analysis
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Ethereum Price Forecast: Ether Turned Bullish





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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