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Ether Price Analysis
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Ethereum Forecast: ETH/USD’s Bottom is in Place





Ether has formed a bottom against the US dollar but remains bearish versus bitcoin. ETH/USD is now above $440.00 and is poised for more gains.

Key Highlights

Ether formed a bottom at $394.11 against the US dollar and recovered above $440.00.
There was a break above a key bearish trendline with resistance at $435.00 on the 30-minute chart of ETH/USD.
ETH/BTC tested the 0.0420BTC support and is currently consolidating losses.

Technically, the 2-hour chart indicators are back in the bullish territory and are moving higher.

Ether Price is Back in Bullish Zone

After a major downside move yesterday, ETH/USD found solid buying interest near $400.00. The pair formed a bottom at $394.11 and started an upside move.

Ether Price Analysis Chart

On the other hand, the ETH/BTC pair faced selling pressure and tested the 0.0420BTC support. It is currently consolidating in a range and is preparing for the next move.

Looking at the 30-minute chart of ETH/USD, the pair clearly gained traction and moved above the $420.00 resistance. Buyers succeeded in breaking the 23.6 percent Fibonacci retracement level of the last decline from the $515.50 high to $394.11 low.

It opened the doors for more gains and the pair broke a key bearish trendline that was forming with resistance at $435.00. More importantly, the pair is now above the 50 percent Fibonacci retracement level of the last decline from the $515.50 high to $394.11 low.

It means the price has likely formed a bottom and moved back into the bullish zone above $440.00. The next major resistance on the upside is at $460.00. Above the mentioned $460.00 level, the 61.8 percent Fibonacci retracement level of the last decline from the $515.50 high to $394.11 low near $468.00 would act as a major resistance.

Ethereum Price ETH USD Forecast

The 2-hour chart of ETH/USD suggests that the pair is approaching a major resistance near $468.00-470.00, which was a support earlier.

However, the current momentum is very positive and it seems like Ether’s price might continue to gain traction. Resistances such as $460.00 and $468.00 could be tested, and supports on the downside are $440.00 and $425.00.

Important Resistance Levels

$460.00 and $468.00

Important Support Levels

$440.00 and $425.00

2-Hour RSI

The RSI is moving higher toward the 65 level.

2-Hour MACD

The MACD is back in the bullish zone with many positive signs.

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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