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Ethereum Price Forecast: ETH/USD’s Uptrend Remains Intact

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price remains in an uptrend against the US dollar. ETH/USD is likely to move higher as long as it is above $445.00.

Key Highlights

Ether’s price faced strong resistance near $515.00 and declined against the US dollar.
ETH/USD is following a crucial ascending channel with support at $445.00 on the 12-hour chart.
ETH/BTC started a recovery and moved above the 0.0620BTC resistance.

Technically, the 12-hour chart indicators are showing a few positive signs in the bearish territory.

Ether Price Weekly Analysis

After a significant upward move, ETH/USD faced strong resistance near $515.00. A new monthly high was formed at $515.09 and the price declined sharply below the $480.00 pivot level.

More importantly, there was a lot of bearish pressure on ETH/BTC as the pair declined below the 0.0650BTC support area. It traded close to the 0.0600BTC support and is currently recovering above the 0.0620BTC resistance.

Ethereum Price Weekly Analysis

Let’s start with the 12-hour chart of ETH/USD to understand why Ether is still in an uptrend above the $445.00 support. The chart indicates that the recent rejection was near an ascending channel resistance at $515.00.

The pair dropped heavily and even broke the $450.00 support. However, losses were protected by the same ascending channel, with current support at $445.00. Ether’s price is currently recovering and is trading above the $450.00 level.

To the topside, there are many hurdles for buyers, starting with the $468.00 level and the 38.2 Fibonacci retracement level of the drop from $515.09 to $440.85. Looking at the 2-hour chart of ETH/USD, the pair broke a declining channel with resistance at $455.00.

Ether Price Analysis ETH

Should the price break the $468.00 resistance, the next barrier for Ether buyers awaits at $480.00 (the previous support). Above this, the price will most likely surge higher toward $500.00 and $515.00. Above the latter, the next hurdle is the channel resistance at $525.00.

On the other hand, a failure to gain momentum above $468.00 and $480.00 could result in a downward move toward the channel support at $445.00.

Overall, Ether will most likely move higher as long as it is above $445.00. If it drops below this, the price may revisit the $425.00 support in the near term.

Weekly Resistance Levels

$468.00 and $480.00

Weekly Support Levels

$445.00 and $425.00

12-hour RSI

The RSI is moving higher toward the 45 level.

12-hour MACD

The MACD is slowly moving 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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