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Ethereum Price Forecast: Ether Remains In Uptrend

By

Aayush

Jindal

Guest AnalystETHNews.com

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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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.