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ETH/USD Forecast: Ether Holding Uptrend Support





Ether is gaining momentum versus bitcoin while correcting lower against the US dollar. ETH/USD remains well supported above the $755.00 level.

Key Highlights

Ether traded toward the $840.00 level against the US dollar where it faced selling interest.
A major bullish trendline with current support at $755.00 holds the key on the 2-hour chart of ETH/USD.
ETH/BTC gained momentum and was able to move above the 0.0480BTC and 0.0500BTC resistance levels.

Technically, the 2-hour chart indicators are moving slightly lower in the bullish territory.

ETH/USD Remains Well Supported

There was a decent upside move in ETH/USD from the $770.00 low. The pair moved above the $800.00 level but failed to surpass offers near the $840.00 level.

On the positive side, ETH/BTC retained bullish momentum and traded above the 0.0480BTC and 0.0500BTC resistance levels. The overall market sentiment is favoring more gains as long as the pair is above 0.0450BTC.

Ether Price Analysis Chart

Looking at the 30-minute chart of ETH/USD, there was a break above a short-term bearish trendline at $800.00, which opened the doors for more gains. The pair traded as high as $838.62 and later started consolidation in a range.

Recently, there was a slight increase in the bearish pressure, which resulted in a downside push below the range support of $825.00. The pair is currently moving lower, but downsides seem to be limited, having supports at $800.00 and $770.00.

Moreover, the 50 percent Fibonacci retracement level of the last wave from the $752.50 low to $838.62 high could also provide support if Ether’s price moves below $800.00.

Moving up to the 2-hour chart of ETH/USD, the pair remains well supported on the downside around two bullish trendlines at $795.00 and $755.00. The lower trendline is crucial since it prevented declines during critical situations.

Ethereum Price ETH/USD Forecast

On the upside, there is a connecting bearish trendline forming with resistance at $840.00. A successful close above the mentioned $840.00 could clear the path for more gains toward $870.00 and $900.00 in the near term.

To sum up, both ETH/USD and ETH/BTC are in bullish zones and remains well supported for more upsides. 

Important Resistance Levels

$840.00 and $850.00

Important Support Levels

$800.00 and $755.00

2-hour RSI

The RSI is moving lower toward the 55 level.

2-hour MACD

The MACD is showing a few weak bearish signs.

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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