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Ethereum Price Forecast: Ether Gains Slowing But Not Over

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is showing signs of exhaustion against the US dollar and bitcoin. ETH/USD could correct lower in the short term, but the $750.00 support holds the key.

Key Highlights

Ether’s recovery stalled near the $900.00 resistance against the US dollar.
ETH/USD is moving lower and it recently broke a contracting triangle with support at $840.00 on the 2-hour chart.
ETH/BTC is stable around 0.1000BTC, but there are a few bearish signs emerging.

Technically, the 2-hour chart indicators are moving lower toward the midlines.

Can Ether's Price Break $900?

This past week, there was a substantial recovery in ETH/USD. The pair traded higher and succeeded in breaking the $800.00 and $850.00 resistance levels before facing strong resistance near $900.00.

Ethereum Price ETH/USD Forecast

ETH/BTC mostly traded in a range and it recently moved above 0.1000BTC. However, it seems like the pair is finding it difficult to gain traction above 0.1000BTC, which could kickstart a downward correction.

The 12-hour chart of ETH/USD suggests that the pair is facing a significant resistance near $900.00. The recent recovery stalled near a key bearish trendline on the same chart with current resistance at $870.00.

More importantly, the upward move stopped around the 50 percent Fibonacci retracement level of the last major drop from the $1,238.92 high. It means Ether’s price completed the first wave from the $564.11 low and it has started the second wave.

The price decreased after forming a short-term high at $909.29 and traded below the 23.6 percent Fibonacci retracement level of the last leg from the $564.11 low. During the downward move, there was a break below a contracting triangle with support at $840.00 on the 2-hour chart of ETH/USD.

Ether Price Weekly Analysis Chart

The pair is now approaching the $780.00-800.00 support area. Below $780.00, the price could test the crucial $750.00 level. Furthermore, the 50 percent Fibonacci retracement level of the last leg from the $564.11 low to $909.29 high is at $735.00.

Therefore, the $735.00-750.00 support is very important for the current wave of correction. As long as Ether is above the $735.00-750.00 support, it remains in an uptrend.

Once the current correction wave is complete, ETH/USD will most likely start the third wave toward the $900.00 and $1,000.00 levels. Below $735.00, the price could move back into the bearish zone, with the next supports at $700.00 and $650.00.

Weekly Resistance Levels

$870.00 and $900.00

Weekly Support Levels

$750.00 and $735.00

12-Hour RSI

The RSI is just around the 50 level with a minor bearish angle.

12-Hour MACD

The MACD is currently losing the bullish momentum.

Aayush Jindal

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

ETHNews is commited to its Editorial Policy

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