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ETH/USD Forecast: Ether’s Price Remains in Uptrend

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price remains in an uptrend against the US dollar and bitcoin. ETH/USD’s correction was limited and the pair found a major support above $710.00.

Key Highlights

Ether corrected lower recently and traded below the $750.00 support against the US dollar.
There is a crucial uptrend channel forming with current support at $740.00 on the 4-hour chart of ETH/USD.
ETH/BTC is holding gains and is currently trading above the 0.0450BTC level.

Technically, the 4-hour chart indicators remain in the bullish territory and are moving higher.

ETH/USD to Settle Above $800?

A substantial correction was initiated in ETH/USD from the $867.75 high. It traded below the $800.00 and $740.00 support levels before finding strong buying interest above $710.00.

On the other hand, ETH/BTC succeeded in holding yesterday’s gains above 0.0400BTC. It has moved above the 0.0450BTC level and is currently trading in the positive zone.

Ethereum Price ETH/USD Forecast

Looking at the 4-hour chart of ETH/USD, there is a crucial ascending channel forming with current support at $740.00. The recent downside was protected by the channel support above $710.00, and it seems like the pair is preparing for an upside move toward $840.00.

However, Ether buyers need to make sure that the price stays above the $780.00 and $740.00 support levels. Looking at the hourly chart of ETH/USD, the pair traded above the 50 percent Fibonacci retracement level of the last decline from the $867.75 high to $711.26 low.

The pair is about to settle above a bearish trendline with resistance at $800.00. A successful hourly close above $800.00 would be a great signal of further gains in Ether’s price toward $840.00 and $850.00.

Ether Price Analysis Chart

An intermediate resistance is around $810.00, the 61.8 percent Fibonacci retracement level of the last decline from the $867.75 high to $711.26 low.

On the downside, the $780.00 level is an initial support followed by the 4-hour chart channel support at $740.00. Below this last support, Ether would most likely test the $700.00 handle.

The overall trend is bullish above $740.00 and ETH/USD could accelerate to $850.00 in the near term. 

Important Resistance Levels

$810.00 and $850.00

Important Support Levels

$780.00 and $740.00

4-hour RSI

The RSI retreated from the 50 level and is currently moving higher.

4-hour MACD

The MACD reduced its bullish slope, but there are many positive signs.

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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