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Ethereum Price Forecast: Ether Bounced, Now What?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is currently recovering from the $454.86 low against the US dollar. ETH/USD must clear an important hurdle at $550.00 to continue trading higher.

Key Highlights

Ether declined below $500.00 before buyers appeared near $455.00 against the US dollar.
ETH/USD has recovered but it is facing a crucial bearish trendline with resistance at $550.00 on the 2-hour chart.
ETH/BTC declined further and traded below the 0.0650BTC support level.

Technically, the 2-hour chart indicators are bouncing from the extremely oversold levels.

ETH/USD Could Extend Upward Correction

There was a sharp rise in bearish pressures on ETH/USD, which pushed the pair below a key support at $500.00. Later, the pair found support near $455.00 and started an upward correction.

On the other hand, there were further losses in ETH/BTC. The pair failed to stay above 0.0650BTC and declined to test the 0.0620BTC support. It is currently correcting higher, but it will most likely face sellers near 0.0700BTC.

Ethereum Price ETH/USD Forecast

Starting with the 2-hour chart of ETH/USD, the pair clearly struggled to recover above $620.00 and declined. During the decline, it broke two important supports: $580.00 and $500.00.

However, the pair found support above $450.00 and went on to start an upward correction, where it surpassed the 23.6 percent Fibonacci retracement level of the last drop from the $626.18 high to $545.86 low.

The current technical structure is positive, but Ether’s price is facing a crucial bearish trendline with resistance at $550.00 on the same chart. A break and 2-hour close above $550.00 could really boost the market sentiment in favor of Ether buyers in the near term.

Ether Price Analysis Chart

Dropping down to the 30-minute chart of ETH/USD, the pair is forming a bullish flag pattern with resistance at $550.00. On the downside, the flag support is at $510.00.

To sum up, the current recovery is positive and should Ether succeeds in settling above the $550.00 resistance, there may be further gains in ETH/USD toward $600.00-620.00.

Important Resistance Levels

$550.00 and $600.00

Important Support Levels

$510.00 and $500.00

2-hour RSI

The RSI is moving higher toward the 50 level.

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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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.