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Ethereum Price Forecast: Ether Breaks $700, What’s Next?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price rose sharply against the US dollar and bitcoin. ETH/USD broke the $700.00 barrier, though it may perhaps correct lower in the short term.

Key Highlights

Ether’s price surged higher and broke an important resistance at $700.00 against the US dollar.
Two bullish trendlines have formed with support at $690.00 and $682.00 on the 30-minute chart of ETH/USD.
ETH/BTC surpassed a major resistance at 0.0750BTC and is placed in a bullish zone.

Technically, the 2-hour chart indicators are retreating from the extreme overbought levels.

ETH/USD Correction Could be Limited

There was a sharp upward move in ETH/USD above $680.00. The pair succeeded in surpassing an important resistance at $700.00 and traded to a new monthly high of $711.49.

ETH/BTC also gained upward momentum and cleared the 0.0750BTC resistance. The pair is currently in a bullish zone but might correct lower in the short term toward 0.0720BTC.

Ether Price Analysis Chart

Starting with the 30-minute chart of ETH/USD, there was a decent upward move and the pair spiked above the $700.00 level.

The last 30-minute candle is indicating a rejection pattern from the $711.49 high. On the downside, there are two bullish trendlines with support at $690.00 and $682.00. The second trend line is key, since it coincides with the $680.00 pivot level.

Ethereum Price ETH/USD Forecast

Any further declines below $650.00 could be limited, considering there is a crucial bullish trendline in place with support at $652.00 on the 2-hour chart of ETH/USD.

To the topside, a daily close above the $700.00 barrier may accelerate gains in Ether. The next major hurdle for buyers awaits near $750.00-755.00, followed by the monthly pivot level at $800.00.

Important Resistance Levels

$710.00 and $750.00

Important Support Levels

$680.00 and $650.00

2-hour RSI

The RSI is correcting lower from the overbought levels.

2-hour MACD

The MACD is showing signs of a short-term downward correction.

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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