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ETH/USD Forecast: Bullish Potential Increases

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is appreciating against the US Dollar while staying in range against bitcoin. ETH/USD is currently gaining traction and is attempting a break above $720.00.

Key Highlights

Ether is gaining momentum after a successful move above $680.00 against the US Dollar.
There was a break above a bearish trendline at $680.00 on the 2-hour chart of ETH/USD.
ETH/BTC will be looking to surpass 0.0400BTC resistance.

Technically, the 2-hour chart indicators are rising higher in the bullish territory.

Ether’s Price to Move Higher?

Yesterday, we noticed many positive signs from the $600.00-610.00 support in ETH/USD. The pair completed a correction wave and moved above the $650.00 and $680.00 resistance levels.

Ether Price Analysis Chart

Furthermore, ETH/BTC also gained bids and succeeded in avoiding further declines. The pair is currently moving north and looks to break the 0.0400BTC resistance to gain bullish traction.

Looking at the 2-hour chart of ETH/USD, the pair formed a solid support around the $610.00 level and later started an upside move. It is now well above the 50 percent Fibonacci retracement level of the last drop from the $758.69 high to $614.05 low.

During the upside, the pair broke a bearish trendline with resistance at $680.00. It has opened the doors for more gains and the pair is currently attempting a push above the $700.00 barrier.

Should Ether buyers succeed in placing the price above $700.00, there could be more upsides toward $720.00 in the near term. Above $720.00, the next barrier awaits at $750.00.

Looking at the 6-hour chart of ETH/USD, it seems like the pair is forming a major contracting triangle with current support at $640.00 and resistance around $720.00.

Ethereum ETH USD Forecast

The triangle chart highlights a range of $720.00 to $640.00. A move above $720.00 could propel the pair toward $800.00. On the flip side, a close below the $640.00 level could escalate the risk of short term losses in ETH/USD.

The short-to-medium term trend seems to be bullish, signaling possible gains in Ether’s price towards $750.00.

Important Resistance Levels

$720.00 and $750.00

Important Support Levels

$680.00 and $640.00

2-hour RSI

The RSI is moving higher toward the 65-70 levels.

2-hour 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, 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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