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Ether Price Analysis
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ETH/USD Stages a Solid Comeback





Ether is staging a solid uptrend against the US dollar and bitcoin. ETH/USD went on to a fresh monthly high and is eyeing further gains.

Key Highlights

Ether rose to a new monthly high at $325.66 against the US dollar, and remains poised for more upsides.
ETH/USD broke a key bearish trendline at $300.00 on the 4-hour chart to initiate a substantial rise.
ETH/BTC bounced sharply and is currently attempting a close above 0.080BTC.

Technically, the 4-hour chart indicators turned sharply higher in the bullish territory.

Ether Price Upside Break Confirms Bullish Signal

In the weekly forecast, we discussed how Ether’s price would continue its uptrend and move higher once it breaks an important trend resumption pattern (bullish flag) at $302.00.

Ethereum ETH/USD Forecast

The ETH/USD pair did gain momentum and was able to overcome strong offers near $300.00-302.00. As a result, the pair surged higher and took out a couple of key resistance levels at $305.00 and $310.00.

It even surpassed the last swing high of $319.06, reaching a new monthly high of $325.66. Looking at the 4-hour chart, there is a clear bearish trendline break visible at $300.00.

Going forward, the price needs to settle above the $320.00 level (H4 candle close) in order to continue gaining momentum. Should there be an H4 close above $320.00, the price could aim to test the $340.00 resistance zone.

Ether Price Technical Analysis Chart

Moving on to the hourly chart of ETH/USD, the pair broke an ascending channel pattern at $300.00 and a horizontal resistance at $299.00. Now, it seems like after trading to a new high, the pair has started a consolidation.

An initial support sits at 23.6 percent Fibonacci retracement level of the recent leg from the $284.05 low to $325.66 high at $315.00. It may range trade for a few hours before making an attempt to surpass $325.66.

The overall trend is super bullish for ETH/USD. If the pair closes above $320.00, it would open the doors for further upsides, initially towards $330.00 and then to $340.00.

Hourly MACD

The MACD is strongly placed in the bullish zone.

Hourly RSI

The RSI has reached overbought levels, and is signaling a minor correction in Ether’s price.

Important Support Levels

$310.00 and $300.00

Important Resistance Levels

$325.00 and $340.00

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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