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Ethereum Price Forecast: Ether Formed Short-Term Top

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price corrected lower against the US dollar and bitcoin. ETH/USD hit a short-term top and is currently testing a significant support.

Key Highlights

Ether’s price started a sharp decline from the $711.49 high against the US dollar.
ETH/USD is currently testing a crucial bullish trendline with support at $610.00 on the 12-hour chart.
ETH/BTC also corrected lower and declined below the 0.0720BTC and 0.0700BTC supports.

Technically, the 12-hour chart indicators moved down from the overbought zone.

ETH/USD Must Hold $600

Yesterday, we discussed a few bearish and correction signs on the 2-hour chart of ETH/USD. The pair did correct lower, but the downward wave extended below a key support at $650.00.

Moreover, there was a sharp downward correction in ETH/BTC. The pair declined and broke the 0.0720BTC and 0.0700BTC support levels. The next supports are at 0.0680BTC and 0.065BTC.

Ether Price Analysis Chart

Looking at the 2-hour chart of ETH/USD, it seems like the pair formed a short-term top at $711.49. It declined aggressively, breaking the $650.00 support and a bullish trendline to move into a bearish zone.

There was also a dip below the 38.2 percent Fibonacci retracement level of the last wave from the $499.28 low to $711.49 high. However, the price is now approaching a significant support above $600.00.

That $600.00 support holds a lot of importance since it acted as a resistance previously and is now close to the 50 percent Fibonacci retracement level of the mentioned last wave.

Ethereum Price ETH/USD Forecast

Moving up to the 12-hour chart of ETH/USD, the pair is testing a crucial bullish trendline with support at $610.00. Thus, the $600.00-610.00 support zone could play an important role in the near term.

A daily close below $600.00 may well push Ether’s price back onto a bearish path. Alternatively, a rejection could start a fresh upward surge toward $650.00 and $700.00. The current price formation is negative on the 2-hour chart, but the 12-hour chart is indicating further gains in ETH/USD.

Important Resistance Levels

$650.00 and $680.00

Important Support Levels

$610.00 and $600.00

2-hour RSI

The RSI is moving lower toward the 55 level.

12-hour MACD

The MACD is reducing its bullish 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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