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Ethereum Price Forecast: Ether Forming a Key Bottom?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether bounced back sharply after a major temporary decline against the US dollar. ETH/USD is likely forming a bottom near the $750.00level for the next move.

Key Highlights

Ether dropped sharply and moved toward the $750.00 support area against the US dollar but recovered immediately.
ETH/USD is bouncing and is forming a rejection pattern around $750.00 on the 2-hour chart.
ETH/BTC is positioned nicely around the 0.1080BTC level and is trading in a positive zone.

Technically, the 2-hour chart indicators have started moving higher toward the midlines.

Can Ether Price Stay above $900?

There was a sharp drop in ETH/USD during the past three sessions. The pair dropped and moved below the $1,050.00, $900.00 and $800.00 support levels before finding strong bids near $750.00.

Ethereum Price ETH/USD Forecast

Bitcoin price also declined sharply toward the $8,000 level, which helped ETH/BTC to stay in the bullish zone above the 0.1050BTC support area.

Looking at the 30-minute chart of ETH/USD, there is a clear downtrend in place until the last green candle that is signaling a sharp rejection from the $745.00-750.00 area.

A short-term bottom is forming around the $750.00 level since the pair has already moved above the 23.6 percent Fibonacci retracement level of the last major decline from the $1,151.90 high to $745.78 low.

However, a complete reversal is still not in the cards until Ether’s price moves above the $1,000.00 and $1,050.00 levels and back into the bullish zone. Until then, ETH/USD remains at a risk of more declines in the near term.

Ether Price Analysis Chart

Moving up to the 2-hour chart of ETH/USD, there is a strong bullish candle forming at $745.78, indicating an upward bias. If the price continues to move higher, there could be a decrease in the current bearish pressure.

A successful close above the 50 percent Fibonacci retracement level of the last major decline from the $1,151.90 high to $745.78 low may perhaps trigger a positive bias.

To sum up, the recent rejection and bounce back are encouraging, but Ether has to move above $1,000.00 to bring back a bullish trend.

Important Resistance Levels

$1,000.00 and $1,050.00

Important Support Levels

$800.00 and $750.00

2-hour RSI

The RSI is moving higher from 30 toward the 45-50 levels.

2-hour MACD

The MACD has started reducing its bearish slope.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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