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Ethereum Price Forecast: Dips In Ether Remain Attractive

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price gained bullish momentum against the US dollar and bitcoin. ETH/USD is currently correcting lower, but dips remain attractive to buyers.

Key Highlights

Ether’s price surged higher and broke the $100.00 and $105.00 resistances against the US dollar.
A short-term bullish trendline formed with support near $105.00 on the 30-minute chart of ETH/USD.
ETH/BTC finally broke the key 0.0270BTC resistance level and traded higher.

Technically, the 2-hour chart indicators are currently near overbought levels in the bullish territory.

Ether Price Analysis

Yesterday, we discussed the chances of more gains above the $98.00, $100.00, and $105.00 resistances in ETH/USD. The pair did move higher, breaking the $105.00 resistance, and traded to a new weekly high at $109.26 before correcting lower.

ETH/BTC also gained strength and moved above the 0.0268BTC and 0.0270BTC resistance levels. The pair is now placed nicely above 0.0270BTC and could continue to move higher toward 0.0280BTC.

Ethereum Price Analysis ETH

Looking at the 2-hour chart of ETH/USD, the pair is clearly following a solid uptrend from the $82.12 low. It broke the $88.00 and $90.00 resistance levels to start an upward move. During the recent rise, many bullish continuation patterns formed, paving the way for more gains above $100.00.

The price even surged above the $105.00 barrier and traded close to $110.00. A high was formed at $109.26, and the price is currently correcting lower. An initial support is near $105.00 and a short-term bullish trendline, with support near $105.00 on the 30-minute chart.

The $105.00 support holds a lot of importance for the current wave since it is near the 23.6 Fibonacci retracement level of the upward move from the $92.99 low to $109.26 high.

Ether Price Analysis Chart

Should Ether decline below the $105.00 support, it could test the $100.00 and $98.00 supports (the previous resistance levels) plus the 50 Fibonacci retracement level of the upward move.

To the topside, there is a resistance trendline in place at $110.00, above which Ether is likely to climb toward the $115.00 and $118.00 resistance levels. Overall, ETH remains well-supported on dips as long as it is above $98.00.

Important Resistance Levels

$110.00 and $115.00

Important Support Levels

$105.00 and $100.00

2-hour RSI

The RSI is currently correcting lower toward 70.

2-hour MACD

The MACD is placed heavily 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.