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Ether Price Analysis
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Ethereum Price Forecast: Ether Approaching Next Break





Ether’s price is likely approaching a crucial break against the US dollar and bitcoin. ETH/USD will either break $485.00 resistance or decline below $460.00 for an extended correction.

Key Highlights

Ether’s price is preparing for the next break with a key resistance near $485.00 against the US dollar.
A significant breakout pattern is formed with support at $465.00 on 2-hour chart of ETH/USD.
ETH/BTC is confined in a tiny range with support at 0.0700BTC and resistance near 0.0720BTC.

Technically, the 6-hour chart indicators are flat above their midlines in the bullish territory.

Ether Price Analysis

During the past three sessions, there were mostly range moves below the $485.00 resistance in ETH/USD. The pair is forming a contracting range and is likely preparing for the next crucial move.

Similarly, ETH/BTC is trading in a tight range above the 0.0700BTC support and below the 0.0720BTC resistance. The next move could be either be above 0.0720BTC or below 0.0700BTC in the near term.

Ethereum Price Analysis ETH

Starting with the 6-hour chart of ETH/USD, the pair formed a key bottom at $405.29 and climbed above the $450.00 pivot level. There was also a break above the 50 percent Fibonacci retracement level of the drop from the $548.12 high to $405.29 low.

Ether’s price traded above the $475.00 resistance, but it faced a strong selling interest near the $485.00 level and a connecting bearish trendline on the same chart. There were a few attempts to clear the trendline, but Ether buyers failed to gain momentum above $480.00.

Ether Price Analysis Chart

As a result, the price started a consolidation phase with corrective moves toward the $460.00 support. Dropping down to the 2-hour chart of ETH/USD, it seems like a significant breakout pattern was formed with resistance near $480.00 and support at $460.00-465.00.

Should the price break the $485.00 resistance, there could be a decent rally above the $500.00 barrier. If not, there is a risk of a bearish break below the $460.00 support. The current price action indicates continuous rejection around $480.00, which may perhaps prompt a bearish reaction.

Important Resistance Levels

$480.00 and $485.00

Important Support Levels

$465.00 and $460.00

6-hour RSI

The RSI is currently flat near the 50 level.

6-hour MACD

The MACD is slowly losing 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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