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Ether Price Analysis
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Ethereum Price Forecast: Ether Remains In Uptrend





Ether’s price is correcting recent gains against the US dollar and bitcoin. Dips in ETH/USD remain supported above $450.00 and $455.00.

Key Highlights

Ether’s price advanced to a new weekly high at $482.01 against the US dollar.
Supports formed at $465.00, $455.00, and $450.00 on the 2-hour chart of ETH/USD.
ETH/BTC struggled to break the 0.0720BTC resistance and declined sharply.

Technically, the 2-hour chart indicators are correcting from the overbought levels.

Ether Price Analysis

There were further gains in ETH/USD above yesterday’s high at $476.98. The pair traded above the $480.00 level and formed a new weekly high at $482.01 before starting a downward correction.

On the other hand, ETH/BTC struggled to move above a major resistance at 0.0720BTC. The pair declined and broke the 0.0700BTC pivot level to trim yesterday’s gains.

Ethereum price forecast ETH

Let’s start with the 6-hour chart of ETH/USD to understand the current correction wave. The pair traded above a key resistance at $476.00 and the 76.4 percent Fibonacci retracement level of the last decline from the $495.49 high to $418.40 low.

However, Ether’s price faced a strong resistance near the previous swing highs formed between July 02 and July 10. As a result, a high was formed at $482.01 and the price started a short-term downward correction.

It seems like Ether formed a short-term top above $480.00, but the current correction will most likely find buyers on dips. Many supports have formed, starting with a bullish trendline at $465.00 on the 2-hour chart of ETH/USD.

Ether Price Analysis Chart

Below the trendline, there is a horizontal support at $455.00, followed by another bullish trendline and a crucial support at $450.00 (the previous resistance). Therefore, dips in Ether toward $450.00 are likely to find a strong buying interest.

The medium-term picture for ETH/USD is mostly positive, as the pair keeps developing above its moving averages. An initial resistance awaits at $475.00 followed by $482.00, above which, bullish momentum will most likely increase. The most significant resistance for the next major upward move is near $495.00-500.00.

Important Resistance Levels

$475.00 and $482.00

Important Support Levels

$465.00 and $455.00

6-hour RSI

The RSI settled above the 50 level and is currently near 58.

6-hour MACD

The MACD is placed nicely in a 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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