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Ether Price Analysis
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ETH/USD Forecast: Strong Bullish Momentum





Ether is sitting nicely in the bullish zone against the US Dollar and bitcoin. ETH/USD seems to be preparing to test $400.00 as long as it remains above $360.00.

Key Highlights

After a strong upside move, Ether started consolidating gains above $370.00 against the US Dollar.
There is a short-term bearish trendline forming with resistance at $385.00 on the hourly chart of ETH/USD.
ETH/BTC is stable above 0.082BTC and might retest 0.080BTC.

Technically, the 4-hour chart indicators are moving to and fro near the overbought levels.

Ether Price to Head Higher

After topping at $390.75, ETH/USD eased within range and held the $370.00 support area. Similarly, the ETH/BTC pair declined a few points and traded towards 0.082BTC.

Ether Price Analysis Chart

Looking at the hourly chart of ETH/USD, there was a sharp pullback from $390.75 to $367.72 where the pair found decent support. It later recovered, and moved above the $380.00 resistance before finally starting to consolidate gains.

The pair has already settled above the 61.8 percent Fibonacci retracement level of the last drop from the $390.75 high to $367.72 low, signaling a possible break of the $390.75 high to challenge $400.00.

There is a short-term bearish trendline forming with resistance at $386.00. Buyers need to overcome offers near the trend line resistance at $386.00 to set the tone for more upsides.

On the downside, an initial support rests at $380.00 and the 50 percent Fibonacci retracement level of the last leg from the $367.72 low to $388.65 high. Below $380.00, the weekly support at $370.00 is seen as a major hurdle for further declines.

Ethereum ETH/USD Forecast

The 4-hour chart of ETH/USD shows a strong bullish momentum above $360.00. There was a break above a connecting resistance trendline which later acted as a support near $370.00.

A key support now stands around a bullish trendline on the same chart at $360.00. The overall bias remains bullish, therefore Ether is likely to extend its upside once the current consolidation is complete.

On the other hand, the immediate resistance for ETH/USD stands at $390.00, with gains above it supporting an extension up to $400.00.

Important Resistance Levels

$390.00 and $400.00

Important Support Levels

$380.00 and $370.00

4-Hour RSI

The RSI has reached the overbought levels with no signs of a major correction.

4-Hour MACD

The MACD is showing signs of bullish continuation.

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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