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ETH/USD Forecast: Ether Buyers Are Back!

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is gaining momentum against the US Dollar and bitcoin. ETH/USD is now placed nicely above the $600.00 handle and is showing a lot of bullish signs.

Key Highlights

Ether’s price has recovered nicely above the $600.00 level against the US Dollar.
There is an ascending channel forming with support at $705.00 on the hourly chart of ETH/USD.
ETH/BTC is now back above the 0.0500BTC resistance which is a positive sign.

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

ETH/USD Recovery Looks Real

It seems like Ether is now back in the bullish zone since ETH/USD has settled above the $600.00 pivot. The pair is now above $700.00 and is slowly gaining pace.

Ethereum Price ETH USD Forecast

More importantly, ETH/BTC has moved higher and broke an important resistance area at 0.0500BTC. The pair is now well above the stated 0.0500BTC and is gaining bullish momentum.

Looking at the 4-hour chart of ETH/USD, there are two major support levels forming at $600.00 and $500.00. The mentioned $500.00 is very crucial, as it might continue to hold declines in the near term.

The pair recently broke a connecting bearish trendline on the same chart at $670.00, which has opened the doors for more gains. It seems like Ether buyers are back in control and the price might continue to slowly climb higher in the short term.

On the upside, an important resistance is at $750.00, followed by the $780.00 level. Moving on to the hourly chart of ETH/USD, there is an ascending channel forming with support at $705.00 and $710.00.

Ether Price Analysis Chart

The pair could break the channel support, but there is a bullish trendline waiting on the downside to prevent losses at $660.00.

On the upside, a break above the $750.00 would completely eliminate the bearish pressure on Ether. The overall market sentiment is bullish and ETH/USD will most likely continue to recover further in the near term.

Important Resistance Levels

$750.00 and $780.00

Important Support Levels

$660.00 and $600.00

4-hour RSI

The RSI is moving higher toward the 60 level.

4-hour MACD

The MACD is back in the bullish zone and is showing 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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