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Ether Price Analysis
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ETH/USD Forecast: Ether Price Ready to Resume Uptrend





Ether is gaining bullish momentum against the US dollar. ETH/USD is inching higher toward $480.00 and $490.00 whereas ETH/BTC is struggling below 0.030BTC.

Key Highlights

Ether is moving higher after forming a support base above $430.00 against the US dollar.
There is a crucial bullish trendline forming with support at $440.00 on the 2-hour chart of ETH/USD.
ETH/BTC is back below 0.030BTC due to a sharp rise in bitcoin price.

Technically, the 30-minute chart indicators are signaling strong bullish signs.

Ether Price to Retest $500?

It's a good start to the week as ETH/USD formed a decent support base above $430.00 and started an upside move toward $475.00 and $490.00.

Ethereum Price ETH USD Forecast

On the flip side, ETH/BTC declined once again and is currently trading below 0.0300BTC. It has to recover soon or there lies a risk of it declining toward 0.0250BTC.

On the 2-hour chart timeframe, ETH/USD started an upside move after consolidating around $420.00 for a few hours. It seems like there is a crucial bullish trendline forming with support at $440.00, which will continue to act as a major hurdle for a downside break.

The pair was recently successful in breaking the 50 percent Fibonacci retracement level of the last decline from the $511.38 high to $429.73 low. It is a positive sign, but there are many challenges on the upside for Ether buyers such as $490.00 and $500.00.

Looking at the 30-minute chart of ETH/USD, the current upside wave stopped near a connecting resistance trendline at $475.10. At present, the pair is struggling to break the trendline and resistance at $475.00.

Ether Price Analysis Chart

A successful close above $475.00 could trigger a break of the 61.8 percent Fibonacci retracement level of the last decline from the $511.38 high to $429.73 low at $480.00. In the mentioned scenario, Ether’s price will most likely challenge the $500.00 psychological level.

On the downside, there is a bullish trendline at $464.00 as a short-term support. Below $464.00, the 2-hour chart trendline at $440.00 may come into the picture. The overall price action is bullish and bearish pressure is muted for now.

Important Resistance Levels

$475.00 and $500.00

Important Support Levels

$464.00 and $440.00

30-minute RSI

The RSI has reached the overbought levels and is signaling a minor correction.

30-minute 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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