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ETH/USD Forecast: Ether Gaining Bullish Momentum

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is now back in the bullish zone against the US Dollar and bitcoin. ETH/USD is forming a support base above the $700.00 handle.

Key Highlights

Ether is gaining bullish momentum and it is now placed nicely above $700.00 against the US Dollar.
There is a major bearish trendline forming with current resistance at $740.00-750.00 on the 4-hour chart of ETH/USD.
ETH/BTC has finally moved above a crucial resistance at 0.0500BTC.

Technically, the hourly chart indicators are gaining momentum in the bullish territory.

Ether’s Price to Continue Higher

There was a support base formed above the $680.00 level in ETH/USD, which resulted in an upside move as the pair crawled above the $700.00 resistance.

Ether Price Analysis Chart

More importantly, ETH/BTC gained traction and was successful in moving above the all-important 0.0500BTC resistance. It has cleared the path of more gains toward the 0.0550BTC level.

Starting with the hourly chart of ETH/USD, there is a clear support base forming near $675.00. The pair is grinding higher and is currently facing a hurdle near a connecting bearish trendline at $748.00.

Should there be a break and close above the $750.00 level, the price could accelerate higher toward the next resistance at $780.00. Past this last, the price will most likely break the $800.00 barrier and accelerate further higher.

On the downside, there is a short-term bullish trendline forming with support at $720.00. The most important support on the same chart sits at $675.00.

Ethereum Price ETH/USD Forecast

Moving up to the 4-hour chart of ETH/USD, there is a major bearish trendline forming with a current resistance at $740.00-750.00. A successful 4-hour close above the trendline resistance at $750.00 would result in an increase in the bullish sentiment.

Towards the extreme downside, the pair has a crucial support base at $600.00. As long as Ether’s price is above the mentioned $600.00 support, it remains in the bullish territory. A push above the $750.00 will most likely result in more upsides toward $780.00 and $800.00.

Important Resistance Levels

$750.00 and $780.00

Important Support Levels

$720.00 and $675.00

4-hour RSI

The RSI is moving higher toward the 60 level.

4-hour MACD

The MACD is gaining momentum 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, 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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