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Ethereum Price Forecast: Ether Likely To Break Higher

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is correcting higher against the US dollar and bitcoin. ETH/USD could revisit the $450.00 hurdle if it clears the $420.00 resistance.

Key Highlights

Ether’s price recovered nicely and briefly broke the $415.00 resistance against the US dollar.
The previous support near $450.00 is likely to be next crucial resistance on the 6-hour chart of ETH/USD.
ETH/BTC is slowly moving higher and could trade toward 0.0570BTC in the near term.

Technically, the hourly chart indicators moved back in the bullish territory with positive signs.

Ether Price Analysis

Yesterday, ETH/USD traded to a new multi-month low at $397.79 before starting an upward move. The pair broke the $409.00 and $415.00 resistances to move into a short-term bullish zone.

ETH/BTC also traded a few points higher and is currently positioned nicely above 0.0550BTC. Should the pair continue to trade higher, it may test the 0.0570BTC and 0.0580BTC resistances.

Ether Price Analysis ETH Chart

Looking at the hourly chart of ETH/USD, the pair formed a decent support near $398.00 and traded higher. It broke the $415.00 resistance and the 61.8 percent Fibonacci retracement level of the drop from $426.65 to $397.79.

The price is currently placed near $410.00, but it is struggling to break a major bearish trendline with resistance at $419.00. Therefore, Ether’s price may perhaps correct lower in the short term.

Should there be a break below the $410.00 pivot level, the price could retest the $400.00 support area. Conversely, a successful break above the trendline and $420.00 will most likely open the doors for more gains toward the $430.00 and $440.00 levels.

Ethereum Price

The 6-hour chart of ETH/USD indicates that the pair formed a solid green candle above $400.00 and might continue to trade higher. The next crucial hurdle for Ether buyers above $430.00 awaits near $450.00 and a bearish trendline.

Overall, Ether is trading with positive signs above $400.00, but further gains above $420.00 and $430.00 are needed to rebound toward $450.00.

Important Resistance Levels

$420.00 and $430.00

Important Support Levels

$410.00 and $400.00

Hourly RSI

The RSI is currently near 60 with positive signs.

Hourly MACD

The MACD is placed nicely 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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