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Ethereum Hard Fork Impact: ETH/USD Breaks Higher

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price finally enjoyed a decent upside move versus the USD and BTC. It looks like the upcoming Ethereum network hard fork may be boosting the market sentiment.

Key Highlights

Ether price surged higher earlier today against the US dollar and Bitcoin to register intraday gains.
The Ethereum network is scheduled to undergo a hard fork today, which may the reason for the recent upside move in ETH/USD and ETH/BTC.
There is a major break noted on the hourly chart of ETH/USD, signaling a bullish shift.

Technically, the hourly chart indicators turned bullish, signaling a shift in the market sentiment for the Ether.

Can Ether Price Retain Momentum?

Today, it was a bright day for Ether, as the price managed to gain traction against the US Dollar and Bitcoin. Both ETH/USD and ETH/BTC gained some momentum and traded higher.

Ether Price Analysis Chart

The ETH/USD pair managed to find support near $9.50, and moved higher. The recent upside move was strong enough to break a couple of important resistance levels.

The most important break was of $9.80. It was acting as a crucial hurdle for a recovery in Ether price, and a break above it means the chances of further upsides are very high.

A new weekly high was formed at $10.22, and it looks like the pair may now correct a few points lower. If a correction is commenced, then an initial support can be around the $10.00 level. It also represents the 38.2% Fibonacci retracement level of the recent wave from the $9.45 low to $10.22 high.

Looking at the 4-hours chart of ETH/USD, there is another break visible. There was a monster bearish trend line, which was cleared during the upside move.

Ethereum Hard fork ETH to USD Forecast

The pair closed above it, which means there is a possibility of Ether price gaining further momentum in the short term. However, it would depend on the hard fork, and if all goes well, we may witness upsides in ETH/USD.

On the downside, the $10.00-$9.80 levels may now act as a support zone.  

Important Resistance Levels

$9.75 and $9.80

Important Support Levels

$10.00 and $9.80

Hourly RSI

The RSI technical indicator has reached the overbought levels, which may ignite a minor correction lower.

Hourly MACD

The MACD has now changed the slope from bearish to bullish.

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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