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Ethereum Price Forecast: Ether Ready For Further Gains

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is in a bullish bias against the US dollar and bitcoin. ETH/USD charts suggest that the pair could continue trending north during the following sessions.

Key Highlights

Ether’s price is forming a support base around $650.00 for the next leg against the US dollar.
A crucial bullish trendline with support at $630.00 is formed on the 6-hour chart of ETH/USD.
ETH/BTC is consolidating gains around the 0.0720BTC support.

Technically, the 6-hour chart indicators are slowly rising in the bullish territory.

ETH/USD Holding Key Supports

There were mostly ranging moves during the past three sessions in ETH/USD. The pair held important support levels around $650.00 and is currently heading north.

Similarly, ETH/BTC started consolidating gains after trading as high as 0.0734BTC. The pair remains well supported on the downside near the 0.0720BTC and 0.0700BTC levels.

Ether Price Analysis Chart

Starting with the hourly chart of ETH/USD, the pair is in a three-wave pattern from $592.86. Yesterday, it traded as high as $685.71 before correcting lower. It tested a bullish trendline with support at $640.00 to complete the second wave.

It seems like there is a contracting triangle pattern forming with support at $645.00 and resistance at $690.00. The pair may perhaps continue to trade inside the triangle for the next few hours before the next move.

Should there be a sustained bullish break above $690.00, the price could surpass a key resistance at $700.00 to accelerate higher. On the flip side, if Ether sellers succeed in pushing the price below $645.00, there may well be a further decline toward $610.00.

Ethereum Price ETH/USD

However, there is a crucial bullish trendline with support at $630.00 on the 6-hour chart of ETH/USD to prevent losses. Therefore, the price is less likely to break the $645.00 and $630.00 support levels in the short term.

Overall, Ether is trading with a positive bias above $630.00. A bullish close above $690.00 would offset any downside risk and open the way to the psychological $700.00 barrier and $711.49 (a recent high).

Important Resistance Levels

$690.00 and $700.00

Important Support Levels

$645.00 and $630.00

6-hour RSI

The RSI is currently near the 55 level with a bullish angle.

6-hour MACD

The MACD is positioned nicely 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, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

ETHNews is commited to its Editorial Policy

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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.