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Ethereum Price Forecast: Ether Primed For Gains

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is gaining bullish momentum against the US dollar and bitcoin. ETH/USD may perhaps accelerate gains above $500.00 toward $550.00.

Key Highlights

Ether’s price broke higher and surged above the $480.00 resistance against the US dollar.
ETH/USD is now placed above a significant bearish trendline with resistance at $470.00 on the daily chart.
ETH/BTC traded higher and broke the 0.0720BTC resistance level.

Technically, the daily chart indicators are slowly rising toward midlines in the bearish territory.

Ether Price Weekly Analysis

During the past few days, there was a brief consolidation above the $450.00 support in ETH/USD. The pair formed many lower highs before breaking above $480.00.

After forming a support base above the 0.0700BTC level, ETH/BTC slowly moved higher. It managed to break the 0.0720BTC resistance and it could continue to move higher toward 0.0750BTC.

Ethereum Price Weekly Analysis ETH

Let’s start with the daily chart of ETH/USD to evaluate the current price action and uptrend. After a major decline from well above $800.00, Ether’s price found support above $400.00. Later, a long consolidation phase started with a bullish angle.

Recently, the pair gained momentum and broke a significant bearish trendline with resistance at $470.00 on the same chart. It indicates that the price may correct above $500.00 in the near term. To the topside, an important resistance is near the 23.6 percent Fibonacci retracement level of the decline from the $833.91 high to $405.29 low at $505.00.

A successful close above $500.00-505.00 could open the doors for further gains toward the $550.00 resistance. Dropping down to the 2-hour chart of ETH/USD, the pair cleared a crucial bearish trendline with resistance at $472.00.

Ether Price Analysis Chart

The upward wave found resistance around the 61.8 percent Fibonacci retracement level of the decline from the $548.12 high to $405.29 low. A new monthly high was formed at $492.81 and the price is currently consolidating gains. An initial support awaits at $480.00 (previous resistance), below which, Ether may well retest the $470.00 support.

Looking at the chart, it seems like Ether buyers were successful in pushing the price above a few key hurdles like $470.00 and $480.00. The next key resistances are at $494.00, $500.00, and $505.00. Above this last, Ether may start a major uptrend toward $550.00 and $600.00.

Weekly Resistance Levels

$494.00 and $505.00

Weekly Support Levels

$470.00 and $450.00

Daily RSI

The RSI is currently near the 46 level.

Daily MACD

The MACD is about to move into 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.