Ethereum Price Forecast: Ether Resumes Uptrend
Ether found a strong buying interest on dips against the US dollar. ETH/USD completed a correction phase and is currently trading with a bullish bias.
Ether’s price completed a downward correction and jumped back above $470.00 against the US dollar.
There was a break above a bearish trendline with resistance at $462.00 on 30-minute chart of ETH/USD.
ETH/BTC is consolidating above the 0.0700BTC support with a neutral bias.
Technically, the 2-hour chart indicators are once again moving higher in the bullish territory.
Ether Price Analysis
Yesterday, we discussed a downward correction in ETH/USD from the $486.95 high. The pair declined toward the $450.00-460.00 support zone, completed a bearish wave, and is currently in a positive zone.
ETH/BTC extended its range moves above the 0.0700BTC support. The pair may possibly start a fresh upward wave once it succeeds in clearing the 0.0720BTC resistance.
Starting with the 2-hour chart of ETH/USD, the pair dipped toward the $450.00-460.00 support, where buyers emerged. The pair almost tested the 50 Fibonacci retracement level of the last wave from the $405.29 low to $486.95 high.
A low was formed at $451.80 and the price started a fresh upward wave. It gained traction and broke a bearish trendline with resistance at $462.00 on 30-minute chart of ETH/USD. More importantly, there was a break above the 61.8 Fibonacci retracement level of the last decline from the $486.95 high to $451.80 low.
Additionally, Ether’s price moved above the $470.00 resistance, signaling a bullish bias. Should the current trend remain intact, the price will most likely retest the $485.00-490.00 resistance zone.
The broken resistance at $470.00 may well act as a support. Below this, the price could revisit the $460.00-450.00 support zone.
To sum up, the current price action indicates more gains in ETH/USD, as long as the $470.00 support is intact, and a clear break above $490.00 could open the door for a push above $500.00.
Important Resistance Levels
$485.00 and $490.00
Important Support Levels
$470.00 and $460.00
The RSI is moving higher toward the 65 level.
The MACD is gaining momentum in the bullish zone.
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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