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Ethereum Monthly Forecast: ETH/USD is Overwhelmingly Bullish

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is eyeing further upsides in December against the US Dollar but remains bearish versus bitcoin. Let’s see what’s keeping ETH/USD’s uptrend in check.

Key Highlights

Ether is in a major uptrend above the $400.00 support against the US Dollar.
There is a monster bullish trendline forming with support at $410.00 on the daily chart of ETH/USD.
ETH/BTC remained in a downtrend and is currently approaching the 0.040BTC level.

Technically, the daily chart indicators are positioned nicely in bullish territory.

Ethereum - Ether Price Remains Well Supported

This past week was mostly bullish for ETH/USD as the pair was able to set a new milestone with a break of the $500.00 level. A new all-time high was formed at $515.50, and the current trend remains bullish.

On the flip side, the ETH/BTC pair struggled a lot during the past 2-3 weeks and failed to stay above the 0.050BTC level. It even broke the 0.0420BTC support and is currently heading toward the 0.040BTC level.

Ethereum Price ETH/USD Monthly Forecast

Let’s start with the daily chart of ETH/USD, which suggests a clear bullish trend above $400.00. The pair gained heavy bids after it succeeded in moving above the $350.00 resistance. The upside move was such that the pair managed to break the $500.00 handle as well.

A new all-time high was formed at $515.50 before a substantial downside correction was initiated. The price declined and traded below the $450.00 and $425.00 support levels. However, the downside move was protected by a monster bullish trendline with a current support of $410.00 on the daily chart.

A low was formed at $394.11 and the price recovered sharply. It moved above the 50 percent Fibonacci retracement level of the last decline from the $515.50 high to $394.11 low. More importantly, the last two daily candles are pointing at a major rejection from the $400.00-390.00 levels.

currently, Ether’s price is facing a major resistance around $480.00-500.00. It seems like it won’t be easy for buyers to push the price above $500.00 once again. Therefore, there are chances that the price could trade in a range below $500.00 for a few sessions before making the next move.

Ether Price Monthly Analysis Chart

Moving down to the 2-hour chart of ETH/USD, the pair is currently facing resistance near a bearish trendline at $455.00-460.00. Should there be a close above $460.00, the price could test the $480.00 and $500.00 resistance levels.

To conclude, the overall medium term trend is overwhelmingly bullish for ETH/USD and Ether’s price will most likely remain in an uptrend during December of 2017 with supports on the downside at $450.00, $425.00, $410.00 and $400.00.

Monthly Resistance Levels

$480.00 and $515.00

Monthly Support Levels

$410.00 and $350.00

Daily RSI

The RSI is moving higher and is currently well above the 50 level.

Daily MACD

The MACD is placed well 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, 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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