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Ethereum Price Forecast: Ether Primed For More Gains

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is moving higher and settled above key supports against the US dollar and bitcoin. ETH/USD broke the $215.00 resistance and could test $250.00.

Key Highlights

Ether’s price gained traction after it broke the $215.00 and $220.00 resistances against the US dollar.
ETH/USD broke a major bearish trendline with resistance at $222.00 on the 12-hour chart.
ETH/BTC is moving higher toward the 0.0350BTC resistance.

Technically, the 12-hour chart indicators are about to move into the bullish territory.

Ether Price Analysis

There were bullish moves above the $207.00 and $210.00 support levels in ETH/USD. The pair broke the key resistance at $215.00 and surpassed the $220.00 barrier to move into a positive zone.

ETH/BTC also slowly and steadily climbed toward the 0.0340BTC level. It seems like the pair may continue to move higher toward the next major resistance at 0.0350BTC.

Ethereum price Analysis ETH Chart

Starting with the 12-hour chart of ETH/USD, the pair formed a significant low at $167.73. The pair started an upward move and traded above the $200.00 barrier plus the 23.6 Fibonacci retracement level of the downward move from the $302.25 high to $167.73 low.

More importantly, the pair surpassed a major bearish trendline with resistance at $222.00 on the same chart. These all are positive signs, but the price is now approaching the next crucial resistance near $235.00.

The $235.00 level was a support earlier and now it represents the 50 Fibonacci retracement level of the downward move. Should Ether buyers succeed in clearing the $235.00 resistance, the price could test the $250.00 resistance.

Ether Price Analysis Chart

The 2-hour chart of ETH/USD suggests that the pair is placed nicely in a bullish zone above the $210.00 and $215.00 levels. Ether’s price cleared an important contracting triangle at $215.00 and traded higher toward the $230.00 level.

If there is a short-term downside correction, the previous resistance at $220.00 and $215.00 are likely to hold losses. Overall, Ether is placed in an uptrend and there are high possibilities of a push toward $250.00 in the near term.

Important Resistance Levels

$235.00 and $250.00

Important Support Levels

$220.00 and $215.00

12-hour RSI

The RSI is moving higher toward the 55-60 zone.

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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