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Ethereum Price Forecast: Ether Holding Crucial Support

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is trading above key support levels against the US dollar and bitcoin. ETH/USD is showing signs of a recovery above $620.00.

Key Highlights

Ether’s price is holding a crucial support at $600.00 against the US dollar.
ETH/USD broke a connecting bearish trendline with resistance at $626.00 on the 30-minute chart.
ETH/BTC recovered from the 0.0680BTC support area and moved above 0.0700BTC.

Technically, the 12-hour chart indicators are stable in the bullish territory.

Can ETH/USD Bounce Back?

Yesterday, we discussed the importance of a daily close above the $600.00 support. ETH/USD held that support and is currently showing signs of a recovery.

Similarly, downsides in ETH/BTC were limited by the 0.0680BTC support. The pair started a fresh upward wave and move back above 0.0700BTC, which is a positive sign.

Ethereum Price ETH/USD Forecast

To understand the current price structure and importance of the $600.00 support, let’s start with the 12-hour chart of ETH/USD. The chart indicates that a crucial bullish trendline with current support at $610.00 is holding declines very well.

As long as Ether is trading above the trendline, it could resume its uptrend toward $650.00 and $660.00. On the flip side, a break below the trendline and $600.00 will most likely push the price toward the next support at $520.00.

Moving down to the 30-minute chart of ETH/USD, the pair is forming a strong support at $600.00. It has already recovered a few points and broke a connecting bearish trendline with resistance at $626.00.

Ether Price Analysis Chart

There was also a break above the 23.6 percent Fibonacci retracement level of the recent drop from the $711.49 high to $592.86 low. Should the price extend gains from the current levels, the next stop may well be $650.00.

A break above $650.00 won’t be easy since it is the 50 percent Fibonacci retracement level of the recent drop from the $711.49 high to $592.86 low. In the short term, there could be ranging activity above $610.00 before the next move either toward $650.00 or below $610.00. 

Important Resistance Levels

$650.00 and $660.00

Important Support Levels

$610.00 and $600.00

30-minute RSI

The RSI is currently near 60 with a positive angle.

30-minute 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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