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Ethereum Price Forecast: Ether At Significant Juncture

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price resumed its uptrend against the US dollar and bitcoin. ETH/USD has to settle above $680.00 to extend upsides in the near term.

Key Highlights

Ether’s price trimmed yesterday’s losses and moved above the $675.00 resistance against the US dollar.
ETH/USD is currently attempting a close above a key bearish trendline with resistance at $680.00.
ETH/BTC is moving higher toward the next resistance at 0.0750BTC.

Technically, the 2-hour chart indicators moved back sharply into the bullish territory.

Can ETH/USD Break Through This Time?

Yesterday, we witnessed a sharp bearish wave in ETH/USD below the $650.00 support level. However, the pair found a strong buying interest near $640.00 and recovered positively.

The market sentiment for ETH/BTC also improved and the pair moved above 0.0730BTC. It is currently gaining traction and moving toward the next resistance at 0.0750BTC.

Analysis

Looking at the 30-minute chart of ETH/USD, the pair traded with a lot of strength and broke the $650.00 and $675.00 resistance levels. It traded to a new weekly high at $685.14 before starting a downward correction.

It is currently correcting lower and broke a connecting bullish trendline with support at $680.00. Should there be further declines, Ether could test the next bullish trendline with support at $655.00 on the same chart.

The current price action is bullish and it seems like Ether is preparing for further gains above $685.00. However, buyers are facing a tough challenge near an important bearish trendline with resistance at $680.00 on the 2-hour chart.

Ethereum Price ETH/USD Forecast

The last two candles are indicating indecision around $680.00. Once there is a successful 2-hour close above this level, the price will most likely accelerate past the $690.00, $695.00, and $700.00 hurdles.

Gains beyond $700.00 would favor a firmer uptrend and may be enough to confirm that a bottom has already taken place at $628.75.

On the flip side, a failure to settle above the $680.00 resistance could push the price toward the $660.00 and $655.00 support levels. 

Important Resistance Levels

$680.00 and $690.00

Important Support Levels

$660.00 and $655.00

2-hour RSI

The RSI is rising toward the 65 level.

2-hour 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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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.