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Ethereum Forecast: ETH/USD in Monster Uptrend

By

Aayush

Jindal

Guest AnalystETHNews.com

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, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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