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Ethereum Price Forecast: Ether Could Revive Slowly

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is consolidating losses against the US dollar and bitcoin. ETH/USD struggled to pierce $620.00 and is currently trading in a range.

Key Highlights

Ether’s price is correcting higher but it is struggling to trade above $620.00 against the US dollar.
There is a key contracting triangle forming with resistance near $625.00 on the hourly chart ETH/USD.
ETH/BTC found support near 0.0720BTC and it started correcting higher.

Technically, the 4-hour chart indicators are well below midlines with bearish signs.

ETH/USD Facing Key Hurdles

Yesterday, we discussed why a break above $620.00 is important for ETH/USD to trade back toward $650.00. The pair made an attempt to surpass $620.00, but it failed to overcome selling pressure.

On the other hand, ETH/BTC found bids near the 0.0720BTC support. The pair is currently moving higher and it may perhaps trade toward the 0.0750BTC in the near term.

Ethereum Price ETH/USD Forecast

The 4-hour chart of ETH/USD suggests that the last decline was crucial, as the pair settled below a key support at $675.00. The pair later found support around $572.00 and started consolidating losses.

There is a short-term breakout pattern forming on the same chart with resistance near $620.00. The current trend is still bearish and there is a risk of more declines if Ether’s price fails to stay above the $590.00 and $575.00 support levels.

On the upside, the broken support at $575.00 and a bearish trendline with resistance at $690.00 will most likely prevent an upward move. Moreover, the 23.6 percent Fibonacci retracement level of the last major fall from the $868.59 high to $572.29 low is also a key barrier.

Ether Price Analysis Chart

Moving on to the hourly chart of ETH/USD, there is a major contracting triangle forming with resistance near $625.00. The pair must move above the $620.00 and $625.00 resistance levels to recover further.

On the downside, the triangle support is at $590.00. An hourly close below $590.00 could push the price toward $575.00, which then must hold declines to contain further losses. The technical structure is currently bearish to neutral on the hourly chart as long as the price remains above $590.00.

Important Resistance Levels

$620.00 and $650.00

Important Support Levels

$590.00 and $575.00

Hourly RSI

The RSI is currently near 35 with no major sign of an upward move.

Hourly MACD

The MACD is struggling to move 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, 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

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