RATE Group | Ethereum Price Forecast: Ether Targets Additional Gains
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Ethereum Price Forecast: Ether Targets Additional Gains

07 Aug Ethereum Price Forecast: Ether Targets Additional Gains

Posted at 16:02h in Ethereum News by

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Ether’s price is positioned for a recovery against the US dollar. ETH/USD could surpass $409.00 to target additional gains above $420.00.

Key Highlights

Ether’s price is forming a bullish pattern with support near $400.00-$402.00 against the US dollar.

ETH/USD is attempting an upside break above a major bearish trendline at $409.00 on the 2-hour chart.

ETH/BTC is correcting lower and is currently trading below 0.0580BTC.

Technically, the 2-hour chart indicators are showing recovery signs in the bearish territory.

Ether Price Analysis

It seems like ETH/USD is forming a strong support base near $400.00. The pair moved higher recently and traded above the $405.00 level to start a short-term recovery.

Conversely, ETH/BTC failed to test the 0.0600BTC resistance and declined. The pair is currently trading below 0.0580BTC and it could test the 0.0570BTC support.

analysis

Looking at the 2-hour chart of ETH/USD, the last three candles are bullish and are indicating a positive recovery. However,…

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