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Ether Price Holding Uptrend Support

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price made another move higher against the US Dollar to trade above $8.50. It looks like a bullish trend is established for ETH/USD.

Key Highlights

ETH price remained in the bullish zone against the US Dollar, and made a move towards $8.50.
A new weekly high was established at $8.55 as yesterday’s high as broken at $8.19.
The ETH/USD pair has a bullish trend line on the hourly chart, acting as a support at $8.30.

Technically, the indicators on the hourly chart are strongly bullish, calling for more gains.

ETH/USD Analysis

Yesterday, we analyzed the possibility of further gains in Ether price against the US Dollar and Bitcoin. The ETH/USD pair made a nice upside move, breaking the last swing high of $8.19.

Ether Price Analysis Chart

A new weekly high was formed near $8.55, as the price even managed to surpass the $8.50 resistance. It looks like the ETH/USD pair is struggling to successfully close above the $8.50 level.

So, there is a chance of a correction in the short term. An initial support on the downside is around a bullish trend line on the hourly chart at $8.40. A break below the stated level may call for a test of the 23.6% Fib retracement level of the last wave from the $7.04 low to $8.55 high.

However, the most important support on the downside is around $8.00. It may stop the downside corrective move if the pair dips further from the current levels. The stated level also represents the 38.2% Fib retracement level of the last wave from the $7.04 low to $8.55 high.

Ethereum ETH/USD Forecast Chart

When we look at the 4-hour chart of ETH/USD, there is a clear support base formed near $8.00. So, we must keep a close eye on the mentioned support area if there is a correction.

On the upside, a successful H4 close above $8.50 might call for a push towards the $8.80 level, which is the next important resistance.

Important Resistance Levels

$8.50 and $8.80

Important Support Levels

$8.20 and $8.00

Hourly RSI

The RSI technical indicator is in the overbought levels, which may ignite a correction towards $8.20 or $8.00.

Hourly MACD

The MACD is strongly placed in the bullish zone, suggesting positive bias.

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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