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Ethereum Price Forecast: Ether’s Rebound Could Gain Pace

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is slowly rebounding against the US dollar while consolidating above 0.0260BTC. ETH/USD could move further higher toward $94.00 or $98.00.

Key Highlights

Ether formed a solid support near $88.00 and corrected higher recently against the US dollar.
A major bullish trendline formed with support at $88.00 on the 2-hour chart of ETH/USD.
ETH/BTC could retest the 0.0250BTC support level if it continues to struggle near 0.0270BTC.

Technically, the 2-hour chart indicators are currently near midlines in the bearish territory.

Ether Price Analysis

Recently, there was a downward move from the $100.32 high in ETH/USD. The pair declined below $92.00 and $90.00, but it found a strong buying interest near the $88.00 level.

ETH/BTC remained in a tight range around the 0.0260BTC level. The pair must surpass the 0.0270BTC and 0.0275BTC resistance levels to start a decent recovery toward 0.0300BTC. If not, it could decline to 0.0250BTC before trading higher.

Ethereum Price Analysis ETH

Looking at the 2-hour chart, ETH/USD recently declined below the $92.00 support and the 50 percent Fibonacci retracement level of the move from the $82.37 low to $100.32 high. However, Ether buyers protected losses below $87.00 and later there was a solid support formed near $88.00.

The price started a fresh upward move and traded above the $90.00 resistance and a bearish trendline, with resistance at $89.50 on the same chart. The recent move was positive above the $91.00 level and the 23.6 percent Fibonacci retracement level of the recent drop from the $102.32 high to $87.36 low.

To the topside, there are a few key hurdles for buyers near $92.00, $94.00, and the 50 percent Fibonacci retracement level of the recent drop. Above $94.00, the price will most likely climb toward $98.00 or even $100.00 in the near term.

Ether Price Analysis ETH Chart

The 30-minute chart of ETH/USD suggests that an immediate support is at $90.00, below which the price could test the $88.00 support and a major bullish trendline, with support at $88.00 on the 2-hour chart.

The short-term price action is positive as long as Ether is above the $88.00 support. The main support below $88.00 is close to the last swing low at $82.00.

Important Resistance Levels

$94.00 and $98.00

Important Support Levels

$90.00 and $88.00

2-hour RSI

The RSI is currently near the 50 level.

2-hour MACD

The MACD is about to move into 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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