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Ethereum Price Forecast: Ether's Bullish Continuation

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price remained under heavy buying pressure against the US dollar and bitcoin. ETH/USD traded as high as $838.91 and is currently correcting lower.

Key Highlights

Ether’s price extended gains and traded close to the $840.00 resistance against the US dollar.
There is a significant support region formed near $700.00 on the daily chart of ETH/USD.
ETH/BTC has started a downward correction after trading as high as 0.0845BTC.

Technically, the daily chart indicators remain elevated in the bullish territory.

ETH/USD Dips Remain Supported

This past week, there were heavy gains in ETH/USD as the pair settled above the $700.00 level. It gained momentum and broke the $800.00 resistance to post a new two-month high at $838.91.

Similarly, ETH/BTC traded higher and broke a major resistance at 0.0800BTC. The pair traded as high as 0.0845BTC before starting a downward correction. Supports are seen at 0.0800BTC and 0.0780BTC.

Ethereum Price ETH/USD Forecast

Let’s start with the daily chart of ETH/USD to understand the current bullish wave. The pair formed a solid support base above $600.00 and climbed higher by more than $200.00. It settled above the 76.4 percent Fibonacci retracement level of the last drop from the $894.91 high to $359.33 low, which is a positive sign.

At the outset, it seems like there is a strong support formed near $700.00 and a bullish trendline on the same chart. To the topside, the previous swing high near $890.00-895.00 may act as a key resistance.

Should buyers succeed in breaking the $895.00 resistance, the price could extend gains toward the $1,000.00 level in the near term. However, the current price action indicates an overbought condition near $838.00.

Ether Price Weekly Analysis Chart

Ether’s price is currently correcting lower toward two bullish trendlines with support at $802.00 and $750.00 on the 2-hour chart of ETH/USD. The second trendline is more important because it is a pivot area.

Therefore, a downward correction could find buyers near $750.00. Below this, Ether will most likely test the all-important $700.00 support. Resistances, on the other hand, are at $820.00, $840.00, and the $895.00 region.

Weekly Resistance Levels

$840.00 and $895.00

Weekly Support Levels

$750.00 and $700.00

Daily RSI

The RSI is about to reach the overbought level.

Daily MACD

The MACD is showing many positive signs 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.