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Ethereum Price Forecast: Ether Targets Additional Gains

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is positioned for a recovery against the US dollar. ETH/USD could surpass $409.00 to target additional gains above $420.00.

Key Highlights

Ether’s price is forming a bullish pattern with support near $400.00-$402.00 against the US dollar.
ETH/USD is attempting an upside break above a major bearish trendline at $409.00 on the 2-hour chart.
ETH/BTC is correcting lower and is currently trading below 0.0580BTC.

Technically, the 2-hour chart indicators are showing recovery signs in the bearish territory.

Ether Price Analysis

It seems like ETH/USD is forming a strong support base near $400.00. The pair moved higher recently and traded above the $405.00 level to start a short-term recovery.

Conversely, ETH/BTC failed to test the 0.0600BTC resistance and declined. The pair is currently trading below 0.0580BTC and it could test the 0.0570BTC support.

analysis

Looking at the 2-hour chart of ETH/USD, the last three candles are bullish and are indicating a positive recovery. However, the pair is currently testing a crucial bearish trendline with resistance near $409.00-410.00.

Therefore, a proper 2-hour close above the trendline and $410.00 will most likely set the pace for more gains. The next important resistance awaits around $420.00 and the 23.6 percent Fibonacci retracement level of the drop from $484.54 high to $397.79 low at $418.00.

The 6-hour chart indicates that Ether’s price was rejected more than three times near $400.00. Thus, ETH/USD may possibly climb higher and trade toward the next hurdle at $425.00 and a bearish trendline. A break above this obstacle might push the price toward the 38.2 percent Fibonacci retracement level of the drop near $430.00.

Ethereum Price Forecast ETH

On the flip side, should Ether fail to settle above the $410.00 resistance, it may well slide back to $405.00 and $402.00, below which, the price is likely to retest $400.00.

In the short term, the risk is skewed to the upside, as Ether is pressuring a key resistance and technical indicators have accelerated gains. However, it won’t be easy for buyers to gain strength above the $420.00 resistance.

Important Resistance Levels

$409.00 and $420.00

Important Support Levels

$405.00 and $400.00

2-hour RSI

The RSI is moving higher toward the 45-50 zone.

2-hour MACD

The MACD is signaling positive signs and it could 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.