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Ether Price Analysis – ETH/USD Forecast: Ether Preparing For Next Wave

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Ether recovered and moved above key levels against the US Dollar and Bitcoin. ETH/USD now awaits a break above $93.00 for further gains.

Technically, the 2-hour chart indicators moved above their mid-lines, signaling a shift in the market sentiment.

Ether Price to Gain Momentum

In yesterday’s analysis, we saw two important resistance levels in ETH/USD – $92.00 and $93.00. Ether was able to move above the first resistance, which is a good sign.

Ether Price Analysis Chart

Additional, Ether price jumped against Bitcoin, igniting a substantial recovery in ETH/BTC.

As a result, the overall market sentiment improved for both ETH/USD and ETH/BTC. When we look at the 30-min chart of ETH/USD, there was a clear break and close above $92.00.

The pair even attempted a close on the $93.00 resistance, but failed. It is currently consolidating in a range above the $92.00 support. The stated support also represents the 23.6% Fibonacci retracement level of the last wave from the $88.63 low to $93.62 high.

Below $92.00, there is a connecting bullish trend line formed with support around $91.00, coinciding with the 50% Fibonacci retracement level of the last wave from the $88.63 low to $93.62 high.

The pair remains well supported on the downside, with supports as $92.00 and $91.00. As long as the price stays above these, it may soon break $93.00 and look to trade above $95.00.

Ethereum ETH USD Forecast

The 2-hour chart of ETH/USD points to an important break above the two bearish trend lines, starting at $91.00. Though momentum is still lacking, all signs on both 30-min and 2-hour chart are positive, and calling for an upside push in the near term.

Disclaimer:

The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

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Ether Price Analysis - ETH/USD Forecast: Ether Preparing For Next Wave
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