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Ether Price Analysis
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ETH/USD Forecast: Bullish Potential Increases





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. 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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