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ETH/USD Forecast: Ether Preparing for Next Move





Ether is targeting further gains against the US dollar and bitcoin. ETH/USD is slowly moving higher and is preparing for the next break.

Key Highlights

Ether is preparing for the next move, hoping to challenge the $750.00 mark against the USD.
There is an ascending channel forming with support at $740.00 on the 30-minute chart of ETH/USD.
ETH/BTC is moving higher towards the all-important 0.0500BTC resistance.

Technically, the 30-minute chart indicators remain well supported in the bullish territory.

ETH/USD Eyes Further Gains

The market sentiment is positive for Ether as the price slowly moved higher toward the $770.00 level. However, ETH/USD struggled to move above $765.00 and started a downside correction.

Similarly, ETH/BTC is gaining bullish momentum from the 0.0450BTC support and is moving higher toward the all-important 0.0500BTC resistance.

Ether Price Analysis Chart

Starting with the 30-minute chart of ETH/USD, there is a rising channel forming with support at $740.00. However, the range support and an important barrier for sellers is at $730.00. The pair is slowly moving higher and the recent failure was around the channel resistance at $765.55.

The pair might trade a few points lower toward $730.00 or $720.00, but it remains supported and losses could be limited. Moving up to the 2-hour chart of ETH/USD, there is a clear bullish trend forming above $700.00. However, it seems like Ether buyers are struggling to gain momentum above $750.00 and $760.00.

There is a bullish trendline forming with current support around $740.00 and $730.00. On the upside, a successful close above $760.00 and $775.00 could be a great bullish signal for further upsides.

Ethereum Price ETH USD Forecast

On the other hand, should Ether’s price fail to remain above the $730.00 level and there is a 2-hour close below $730.00, then there could be more losses toward $700.00.

The short-term bias is bearish since there can be a downside correction, but ETH/USD has to gain momentum above $760.00 to remain in the bullish zone for a push above $800.00 in the near term.

Important Resistance Levels

$760.00 and $775.00

Important Support Levels

$730.00 and $700.00

2-hour RSI

The RSI is currently around the 50 level in the bullish zone.

2-hour MACD

The MACD has mostly reduced its bullish slope, but there is no bearish sign.

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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