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Ether Price Analysis
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Ethereum Forecast: ETH/USD in Monster Uptrend





Ether is struggling to break $372.00 against the US dollar. However, ETH/USD is forming a short-term breakout pattern with support at $360.00 and resistance near $372.00.

Key Highlights

Ether failed once again near $272.00 against the US dollar but remains in a major uptrend.
There is a rising channel forming with support at $350.00 on the 6-hour chart of ETH/USD.
ETH/BTC continues to trade in a range above the 0.0440BTC support.

Technically, the 6-hour chart indicators remain elevated in the bullish territory.

Ether Price to Make the Next Move Soon?

There was no break above the $372.00 resistance in ETH/USD yesterday, but the pair remained above the $360.00 and $350.00 support levels.

Ethereum Price ETH USD Forecast

On the other hand, the ETH/BTC pair continues to trade in a range and is currently holding the 0.0440BTC support area. It might make an upside move toward the $0.0480BTC resistance in the near term.

Looking at the 6-hour chart of ETH/USD, there is a crucial rising channel forming with support at $350.00. The pair is currently well above the channel support and is facing solid offers near $372.00.

Should there be a break above the $372.00 resistance, the price could test the channel resistance at $390.00. On the downside, the channel support at $350.00 remains a key barrier for sellers.

Dropping down to the 2-hour chart of ETH/USD, there are four clear failures near $372.00. On the downside, there is a connecting bullish trendline forming with support at $362.00-360.00. Therefore, it seems like there is a contracting triangle forming with support above $360.00 and resistance at $372.00.

Ether Price Analysis Chart

Above $372.00, Ether’s price would gain bullish momentum toward the $390.00 and $400.00 levels. On the flip side, a break of the $360.00 support will most likely push the price toward the 4-hour channel support at $350.00.

The price action is positive as long as ETH/USD is above $350.00. Overall, the pair remains in monster uptrend and poised for further gains toward $400.00 in the near term.

Important Resistance Levels

$372.00 and $390.00

Important Support Levels

$360.00 and $350.00

2-hour RSI

The RSI is currently well above the 50 level with no major bearish sign.

2-hour MACD

The MACD is slowly decreasing its bullish slope.

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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