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Ether Price Analysis
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Ether Price Signaling Start of Bullish Trend





Ethereum Foundation announce fourth hard fork block number igniting an upside move in ETH/USD. Can the pair capitalize and gain additional ground?

Key Highlights

Ether price, after a false break below the $10.00 level against the US Dollar, found support and traded higher
Yesterday, the Ethereum Foundation finally announced a block number for the fourth hard fork: Spurious Dragon, which initiated an upside in ETH/USD.
The pair is now trading with positive momentum and signaling a break on the 2-hours chart

Technically, the indicators on the 2-hours chart turned north, and signaling a start of the bullish trend.

ETH/USD Upside Break

Yesterday, there was a break below an important support area at $10.00, but it turned out to be a false break. There was no real momentum, and as a result, Ether price bounced back.

Ether Price Analysis Chart

However, there was a fundamental reason, which helped Ether in gaining bids. As mentioned, the Ethereum Foundation announced the block number for their 4th hard fork: Spurious Dragon, which caught Ether buyers attention and sent the price to an upward trend.

There was a nice upside move in ETH/USD, as the pair broke a couple of short-term resistance levels to open the doors for a recovery. The pair closed above the $10.10 resistance, and also broke a bearish trend line formed on the 2-hours chart.

Furthermore, there was a move above the 23.6% Fib retracement level of the last decline from the $10.74 high to $9.86 low, which is a positive sign. The pair at the moment is consolidating above the $10.20 level, and faces a major resistance near $10.40. As can be seen from the chart, it was a support earlier, and may now act as a hurdle for an upside continuation.

Ethereum Hard Fork ETH to USD Forecast

Looking at the 6-hours chart of ETH/USD, it looks like the pair stopped right at a bearish trend line resistance. It is currently preventing a break, and stopping the current recovery wave. Moreover, we can also see the same $10.40 resistance, which could play a major role in the short term.

Overall, the recent break is encouraging, but Ether price faces a lot many hurdles on the way up.

Important Resistance Levels

$10.30 and $10.40

Important Support Levels

$10.10 and $10.00

2-hours RSI

The RSI technical indicator has moved above the neutral level, and signaling a positive break.

2-hours MACD

The MACD has moved from the bearish to 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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