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Ethereum Price Forecast: Ether Primed For More Upsides

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is back in a bullish zone against the US dollar, while it is consolidating versus bitcoin. ETH/USD could continue to move higher once buyers clear $98.00 and $100.00.

Key Highlights

Ether’s price extended gains and tested the $98.00 resistance zone against the US dollar.
ETH/USD is likely to climb further higher above $98.00, $100.00, and $105.00.
ETH/BTC is slowly moving higher toward the 0.0270BTC resistance level.

Technically, the 6-hour chart indicators are currently near midlines in the bullish territory.

Ether Price Analysis

Yesterday, we discussed that the ETH/USD rally could extend to $98.00. The pair did move higher, breaking the $92.50 and $96.00 resistance levels and testing the $98.00 hurdle where sellers emerged.

ETH/BTC remained well-supported above the 0.0260BTC support. The pair is currently moving higher toward the 0.0270BTC resistance, above which there could be a sharp upward move toward 0.0280BTC and 0.0285BTC.

Ethereum Price Analysis ETH

The 6-hour chart of ETH/USD is showing a lot of positive signs above the $90.00 level. The pair likely formed a short-term bottom at $82.12 and started a solid upward move above $85.00 and a crucial bearish trendline.

There was a clear break above the $92.00 resistance and the 23.6 Fibonacci retracement level of the drop from $126.77 to $82.12. However, the price ran into an important resistance zone at $98.00-100.00. A new weekly high was formed at $98.49; the price later corrected lower.

The price traded below the $95.00 support, but the previous swing high around $93.50 acted as a decent support along with the 38.2 Fibonacci retracement level of the recent upward move from $82.12 to the $98.49 high.

Ether Price Analysis Chart

To the topside, a bearish trendline on the 2-hour chart is acting as a hurdle near $96.80. A successful break above the trendline and $98.00 could clear the path for a test of $100.00. The current technical structure on the 2-hour chart indicates that Ether is likely to extend gains above $98.00 and $100.00 in the near term.

Should there be a bearish correction, ETH is likely to find a strong buying interest near $93.00, below which the price could test the $88.00 support.

Important Resistance Levels

$98.00 and $100.00

Important Support Levels

$93.00 and $88.00

6-hour RSI

The RSI is consolidating near the 50 level.

6-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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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.