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Ether Price Analysis
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Ethereum Price Forecast: Ether Trimming Losses





Ether started a decent upward recovery against the US dollar and bitcoin. ETH/USD is currently trading above $700.00 with positive momentum.

Key Highlights

Ether’s price formed a low at $642.35 and recovered sharply against the US dollar.
There was a break above two bearish trendlines with resistance at $700.00 and $720.00 on the hourly chart ETH/USD.
ETH/BTC broke the 0.0780BTC resistance and is likely heading toward 0.0800BTC.

Technically, the hourly chart indicators moved back in the bullish territory.

ETH/USD is Showing Positive Signs

After yesterday's decline, ETH/USD found support near $640.00 that provided the much needed foundation for a recovery back above $700.00.

There were additional recoveries in ETH/BTC, as the pair currently trades above the 0.078BTC resistance. If this current trend continues, we may see a test of the next resistance at 0.080BTC.

Ethereum Price ETH/USD Forecast

Starting with the 4-hour chart of ETH/USD, there was a crucial base that formed at $642.35. The pair entered a bullish pattern, then pushed for an upward move above $680.00.

The upward move was strong as the price formed four back-to-back bullish candles. There was also a break above the 23.6 percent Fibonacci retracement level of the last decline from the $894.91 high to $642.35 low.

The price is currently facing a major bearish trendline with resistance near $745.00-750.00. A successful close above the trendline resistance at $750.00 would solidify a bullish reversal from the $642.35 low.

Above $750.00, the 50 percent Fibonacci retracement level of the last decline from the $894.91 high to $642.35 low awaits around $765.00 to prevent upsides. Further above $765.00, the $800.00 pivot level may act as a hurdle.

Ether Price Analysis Chart

The hourly chart of ETH/USD suggests a break above two bearish trendlines with resistance at $700.00 and $720.00. These are positive signals, as the pair currently trades above $700.00.

The broken resistances at $720.00 and $700.00 may perhaps prevent downsides in the short term. The current bias is positive as long as Ether stays above the $700.00 support.

Important Resistance Levels

$750.00 and $765.00

Important Support Levels

$720.00 and $700.00

Hourly RSI

The RSI is currently stable above the 50 level with positive signs.

Hourly MACD

The MACD has moved back in the bullish zone.

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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