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Ethereum Price Forecast: ETH/USD Rebounds Sharply

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is correcting higher from $560.00 against the US dollar. ETH/USD must break the $750.00 and $800.00 resistance levels to recover further.

Key Highlights

Ether failed to stay above the $750.00 support and declined below the $600.00 level against the US dollar before correcting itself .
There is a crucial resistance forming near $800.00 on the 2-hour chart of ETH/USD.
ETH/BTC is stable and is currently trading around the 0.1000BTC pivot level.

Technically, the 2-hour chart indicators are correcting higher in the bearish territory.

Can Ether Recover Further?

Yesterday, we discussed the importance of a daily close above $750.00 in ETH/USD. The pair failed to stay above the mentioned $750.00 support, which resulted in further declines below $600.00.

On the other hand, ETH/BTC traded with a minor bullish bias. Bitcoin price also declined sharply recently below $7,000, resulting in a slight upside push in ETH/BTC toward 0.1000BTC.

Ether Price Analysis Chart

Looking at the 30-minute chart of ETH/USD, the pair traded as low as $564.11. Later, it formed a short-term support base and started an upward move above $600.00. Ether buyers were successful in pushing the price above the 50 percent Fibonacci retracement level of the last decline from the $857.64 high to $564.11 low.

There was also a break above a bearish trendline with resistance at $640.00 on the same chart. It seems like Ether has started a decent recovery from $564.11, but it has to move above a few crucial hurdles to correct higher.

Ethereum Price ETH/USD Forecast

Moving up to the 2-hour chart of ETH/USD, the pair is facing a major resistance near $800.00 and a bearish trendline. Moreover, the 61.8 percent Fibonacci retracement level of the last decline from the $857.64 high to $564.11 low is an intermediate resistance around $750.00.

The stated $750.00 level was a support earlier and now it may perhaps prevent further gains. An initial support sits at $660.00, followed by $600.00, but the most significant support is $550.00-560.00. 

Important Resistance Levels

$750.00 and $800.00

Important Support Levels

$660.00 and $600.00

2-hour RSI

The RSI is currently recovering from the oversold levels.

2-hour MACD

The MACD is currently 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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