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Ether Price Analysis
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ETH/USD Forecast: Ether Price to Retest $500?





Ether’s price is eyeing further gains against the US Dollar and bitcoin. ETH/USD is likely to accelerate further toward the all-important $500.00 level.

Key Highlights

Ether is gaining upside momentum and it will most likely retest the $500.00 level against the US Dollar.
There is a crucial ascending channel forming with support at $448.00 on the hourly chart of ETH/USD.
ETH/BTC is stable above the 0.0420BTC support and is preparing for an upside correction.

Technically, the hourly chart indicators are gaining strength in the bearish territory.

Ether Price Remains in Uptrend

Ether buyers are in action as ETH/USD moved above the $460.00 resistance and is currently showing a lot of bullish signs. On the other hand, the ETH/BTC pair is consolidating above the 0.0420BTC support.

Ether Price Analysis Chart

Starting with the hourly chart of ETH/USD, there is a clear uptrend forming with supports near $448.00 and $425.00. There seems to be a crucial ascending channel in place with support at $448.00, which is likely to provide good support in the short term.

The pair is currently above the 50 percent Fibonacci retracement level of the last major correction from the $515.50 high to $394.11 low. Therefore, Ether’s price will most likely accelerate higher toward $475.00 and $480.00 in the near term.

At present, the pair is finding offers near the 61.8 percent Fibonacci retracement level of the last major correction from the $515.50 high to $394.11 low and the $470.00 resistance area. Above the mentioned $470.00 resistance, the channel upper trendline at $475.00 could act as a resistance.

Ethereum ETH USD Forecast

Should there be a break above $475.00, the price would surge toward the all-important $500.00 level. However, the 4-hour chart of ETH/USD suggests that the $475.00-480.00 resistance holds a lot of importance and it won’t be easy for buyers to break it.

The overall trend is bullish and Ether’s price could move higher toward $475.00-480.00 resistance, with a chance of a spike toward the $500.00 handle.

Important Resistance Levels

$470.00 and $480.00

Important Support Levels

$448.00 and $425.00

Hourly RSI

The RSI is heading higher toward the 70 level.

Hourly MACD

The MACD is gaining momentum in the bullish zone.

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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