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Ethereum Price Forecast: Ether Approaching Break

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price remains within the positive territory against the US dollar and bitcoin on Monday. ETH/USD must break $692.00 to climb further in the near term.

Key Highlights

Ether’s price is preparing for the next move with resistance near $692.00 against the US dollar.
ETH/USD seems to be forming a breakout pattern with support around $675.00 on the 2-hour chart.
ETH/BTC is primed for more upsides toward the 0.0750BTC level.

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

Can ETH/USD Make it?

The past three sessions were mostly quiet since there was no substantial movement in ETH/USD. The pair traded in a tight range above the $675.00 support and is currently preparing for the next move.

On the other hand, ETH/BTC is increasingly bullish and it seems like the pair may well accelerate gains above the 0.0750BTC resistance. The next major hurdle for buyers is around 0.0800BTC.

Ether Price Analysis Chart

Looking at the 30-minute chart of ETH/USD, the pair is following a contracting triangle with support at $675.00 and resistance near $692.00. Recently, a fresh upward wave was initiated from the $664.97 low and the price moved above the 50 percent Fibonacci retracement level of the last drop from the $698.90 high to $664.97 low.

However, the price is facing a tough resistance near $690.00-695.00. Should there be a bullish break above $692.00, the price will most likely surge past $700.00 during the coming sessions.

Ethereum Price ETH/USD Forecast

On the other hand, a push below the triangle support at $675.00 could start another bearish wave toward $640.00. The 2-hour chart of ETH/USD indicates that the $675.00 support is very crucial, since two connecting bullish trendlines are positioned near the stated support.

Therefore, a bearish break below $675.00 and $670.00 is likely to increase selling pressures on Ether. The current price action suggests that ETH/USD is losing momentum below $690.00. Thus, the price must break the $690.00-692.00 resistance soon to avoid losses.

Important Resistance Levels

$692.00 and $700.00

Important Support Levels

$675.00 and $666.00

2-hour RSI

The RSI is currently flat near the 60 level with a slight bearish angle.

2-hour MACD

The MACD is currently 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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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.