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

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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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