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Ethereum Price Forecast: Ether Remains Attractive to Buyers

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is accelerating against the US dollar and bitcoin. ETH/USD is poised to extend the current rally toward the $670.00 level.

Key Highlights

Ether’s price traded higher and broke a major resistance at $640.00 against the US dollar.
There is a significant bullish trendline formed with support at $630.00 on the 2-hour chart of ETH/USD.
ETH/BTC also gained bullish momentum and broke the 0.0700BTC resistance level.

Technically, the 2-hour chart indicators remain elevated in the bullish territory.

ETH/USD Remains Above Key Support

In the weekly analysis, we discussed important resistances at $625.00 and $640.00. ETH/USD surged higher during the past three sessions and broke the stated resistances to trade at a new monthly high above $645.00.

More importantly, there was a bullish break in ETH/BTC, since the pair cleared a crucial resistance at 0.0700BTC. The pair is likely to extend gains toward the 0.0745BTC resistance level.

Ethereum Price ETH/USD Forecast

Looking at the 2-hour chart of ETH/USD, the pair is following a major uptrend from the $500.00 pivot region. During the current wave, Ether’s price surpassed the $600.00, $625.00, and $640.00 resistance levels.

The technical structure is also very positive, suggesting more gains in the near term toward $700.00. However, Ether buyers may face hurdles near the 50 percent Fibonacci retracement level of the last decline from the $981.64 high to $359.33 low at $670.00.

On the downside, there is a key bullish trendline formed with support at $630.00 on the same chart. An immediate support is at $640.00 (previous resistance), followed by a bullish trendline at $635.00 on the 30-minute chart.

Ether Price Analysis Chart

Should ETH/USD correct below $635.00, it could test the next major support at $618.00-620.00. The current price action is bullish above $640.00 and the price will most likely accelerate gains above $650.00.

To sum up, Ether buyers seem to be in control. Therefore, given current moves, upside targets could be eyed at $670.00 and then $700.00.

Important Resistance Levels

$670.00 and $700.00

Important Support Levels

$635.00 and $620.00

2-hour RSI

The RSI is moving higher in the overbought zone.

2-hour MACD

The MACD is gaining momentum 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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