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Ether Price Analysis
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ETH/USD Forecast: Ether Gaining Momentum Above $800





Ether is surging higher against the US dollar and bitcoin. ETH/USD is above $800.00 and ETH/BTC broke 0.0400BTC, which are great positive signs.

Key Highlights

Ether surged higher and broke the $750.00 and $800.00 resistance levels against the US dollar.
There is an ascending channel forming with current support at $810.00 on the 30-minute chart of ETH/USD.
ETH/BTC is back with a lot of strength above the 0.0400BTC resistance.

Technically, the 2-hour chart indicators have reached the overbought levels.

Ether’s Price Testing Crucial Support

Ether is building bullish momentum as ETH/USD succeeded in breaching an important resistance area at $750.00. The pair even moved above the $800.00 and $850.00 levels to trade to a new all-time high at $867.75.

More importantly, ETH/BTC gained traction and broke a key resistance at 0.0400BTC. It traded above the 0.0450BTC level and is poised for more gains in the near term.

Ether Price Analysis Chart

Let’s start with the 2-hour chart of ETH/USD, which suggests an important break above the $750.00 resistance. There were six back-to-back bullish candles from the $710.00 swing low. The pair traded as high as $867.75 before it formed a bearish overlapping candle.

The price has already corrected lower and moved below the 23.6 percent Fibonacci retracement level of the last wave from the $710.00 low to $867.75 high. However, the $800.00 level acted as a support and prevented further declines.

The next support is around the 50 percent Fibonacci retracement level of the last wave from the $710.00 low to $867.75 high at $788.00. Moving on to the 30-minute chart of ETH/USD, there is an ascending channel forming with current support at $810.00.

Ethereum Price ETH USD Forecast

Therefore, it seems like the $800.00-810.00 support region is very crucial for today’s trend. As long as Ether’s price is above the $800.00 support, it should continue to rise further in the near term.

The recent high at $867.00 could be tested again during the coming sessions. The next target could be $900.00, and a break above that will most likely accelerate the upside toward $1000.00. 

Important Resistance Levels

$867.00 and $900.00

Important Support Levels

$810.00 and $800.00

2-hour RSI

The RSI is now around the overbought levels.

2-hour MACD

The MACD is gaining heavy 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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