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Ether Price Analysis
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Ethereum Price Forecast: Ether Could Retest $650





Ether is showing a few positive signs above $590.00 against the US dollar. ETH/USD could break the $620.00 resistance for a move toward $650.00.

Key Highlights

Ether’s price is likely forming a short-term bottom at $572.00 against the US dollar.
There is a consolidation breakout pattern forming with resistance near $620.00 on the 2-hour chart of ETH/USD.
ETH/BTC is trading near a crucial support area at 0.0720BTC.

Technically, the 2-hour chart indicators are consolidating below midlines.

ETH/USD Forming Support

After a significant decline, ETH/USD found support around $575.00. The pair started correcting higher and it is currently showing a few positive signs with support at $590.00.

As discussed yesterday, ETH/BTC declined further and tested the 0.0720BTC support. If the pair fails to stay above 0.0720BTC, it may perhaps test the next support at 0.0700BTC.

Ethereum Price ETH/USD Forecast

Looking at the 2-hour chart of ETH/USD, the pair is forming a decent support above $575.00. There was a minor upward wave above the 23.6 percent Fibonacci retracement level of the last drop from the $747.89 high to $572.29 low.

However, the pair failed to gain traction above $620.00 and is currently forming consolidation breakout pattern with resistance near $620.00 on the same chart.

If Ether buyers gain control and succeed in pushing the price above $620.00, there could be further gains toward the $650.00 level. On the downside, the triangle support is at $590.00. Should the price fail to stay above $590.00, it will most likely retest $572.00-575.00.

Ether Price Analysis Chart

Moving down to the 30-minute chart, ETH/USD is currently attempting to break a declining channel with resistance at $612.00. However, the pair must move past the $618.00 and $620.00 resistance levels to set the pace for an upward move toward $650.00.

On the downside, there is a connecting bullish trendline forming with support at $590.00, which is also the triangle support zone. The current price action is slightly bullish, but it would take a successful 2-hour close above $620.00 for further recoveries in the near term.

Important Resistance Levels

$620.00 and $650.00

Important Support Levels

$590.00 and $575.00

2-hour RSI

The RSI is still well below the 50 level, but recovering.

2-hour MACD

The MACD is slowly 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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