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Ethereum Price Forecast: Ether Eyes Solid Comeback

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether recovered nicely from the $500.00 support region against the US dollar. ETH/USD could recover further once it succeeds in clearing $550.00 resistance.

Key Highlights

Ether’s price traded to a new weekly low at $507.29 before staging a solid comeback against the US dollar.
ETH/USD is approaching a crucial break with resistance near $545.00-550.00 on the 4-hour chart.
ETH/BTC is testing the 0.0600BTC support and it remains at a risk of more losses.

Technically, the 4-hour chart indicators are currently near midlines in the bearish territory.

ETH/USD’s Bounce is Real?

Yesterday, we saw a major downward move in ETH/USD as the pair broke the $520.00 and $515.00 support levels. On a positive note, the pair held the $500.00 support region and started a fresh upward wave.

Conversely, ETH/BTC remained in a bearish zone and is currently testing a major support at 0.0600BTC, which holds a lot of significance in the near term.

Ethereum Price ETH/USD Forecast

Looking at the hourly chart of ETH/USD, the pair dropped to a new weekly low at $507.29 before it found buyers and started a key recovery. The upward move was decent as the price moved above the 23.6 percent Fibonacci retracement level of the last decline from the $590.15 high to $507.29 low.

At the moment, the price is trading near an important bearish trendline with resistance at $545.00. More importantly, the 50 percent Fibonacci retracement level of the last decline from the $590.15 high to $507.29 low is around $548.00.

Lastly, the previous support at $550.00 is now a crucial barrier for buyers. Thus, a break and close above the $545.00-550.00 resistance zone is must for further gains.

Ether Price Analysis Chart

The 4-hour chart of ETH/USD also points the importance of $550.00 since there is a breakout pattern in place with resistance near $550.00 and support at $520.00.

In the short term, there could be ranging moves in Ether, but should buyers succeed in pushing the price above $550.00, ETH/USD will most likely stage further recoveries. 

Important Resistance Levels

$550.00 and $570.00

Important Support Levels

$520.00 and $500.00

4-hour RSI

The RSI broke could make an attempt to move above the 50 level.

4-hour MACD

The MACD is slightly showing positive signs in the bearish.

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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