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Ether Price Analysis
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Ethereum Price Forecast: ETH/USD Could Retest $700





Ether’s price recovered with a positive bias against the US dollar and bitcoin. ETH/USD has likely completed a downward correction and its looking retest $700.00.

Key Highlights

Ether’s price bounced back sharply and broke a key resistance at $650.00 against the US dollar.
ETH/USD cleared a significant bearish trendline with resistance at $655.00 on the 2-hour chart.
ETH/BTC is extending gains and is currently positioned nicely to test 0.0750BTC.

Technically, the 2-hour chart indicators are back in the bullish territory.

ETH/USD Remains Supported

ETH/USD started a solid recovery from the $610.00 support and surpassed an important resistance at $650.00. It seems like the pair has completed a correction wave and is back in a bullish trend toward $700.00-710.00.

More importantly, there were further upsides in ETH/BTC. The pair broke the 0.0720BTC resistance level and it is likely heading toward the next hurdle at 0.0750BTC.

Ethereum Price ETH/USD Forecast

Looking at the 2-hour chart of ETH/USD, the pair consolidated around $610.00 for a few hours before starting a fresh upward wave. There was a sharp rise and the price cleared a major resistance at $650.00 and a significant bearish trendline at $655.00.

Additionally, the price climbed above the 61.8 percent Fibonacci retracement level of the last wave from the $711.49 high to $592.86 low. Ether buyers gained strength and the price traded as high as $685.71 recently.

The 30-minute chart of ETH/USD indicates that the pair found offers near $685.00 and is currently correcting lower. There is a key support at $665.00 and a bullish trendline on the same chart.

Ether Price Analysis Chart

Should there be a decline below $665.00, the next support is sitting at $640.00, but Ether's current price action is bullish and indicating more gains toward $700.00 in the near term.

On the upside, an initial resistance sits at $685.00 seconded by $690.00 and then $700.00. A successful break above $700.00 may perhaps push the price to a new monthly high. Supports on the downside are at $665.00 and $640.00. 

Important Resistance Levels

$685.00 and $700.00

Important Support Levels

$665.00 and $640.00

2-hour RSI

The RSI is now above 60 and is heading toward 70.

2-hour MACD

The MACD is back with strength 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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