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Ether Price Analysis
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Ethereum Price Forecast: Ether Buyers Put To Test





Ether’s price declined sharply against the US dollar and bitcoin. ETH/USD must hold a crucial support near $700.00 to remain in a bullish zone.

Key Highlights

Ether’s price declined and corrected sharply toward $700.00 against the US dollar.
ETH/USD tested a crucial bullish trendline with support at $700.00-705.00 on the 12-hour chart.
ETH/BTC dipped below the 0.0800BTC support and it could test 0.0750BTC.

Technically, the 12-hour chart indicators are testing midlines in the bullish territory.

Can ETH/USD Hold $700?

The past three sessions were bearish as there was a sharp downward correction in ETH/USD from the $833.91 high. The pair declined by more than $100.00 and tested a major support at $700.00.

Additionally, there was an increase in selling pressure on ETH/BTC. The pair started a fresh bearish wave and declined below a key support at 0.0800BTC, opening the doors for a test of 0.0750BTC.

Ether Price Analysis Chart

Looking at the 2-hour chart of ETH/USD, a correction wave initiated from the $833.91 high. The pair traded lower and broke a key connecting bullish trendline with support at $755.00. The price dropped sharply and cleared the 50 percent Fibonacci retracement level of the last wave from the $628.76 low to $833.91 high.

The last 3-4 candles indicate a rise in selling pressure on Ether, but the current wave can be considered as a part of a downward correction. Ether’s price is currently testing a crucial bullish trendline with support at $700.00-705.00 on the 12-hour chart.

Should buyers fail to defend further losses below $700.00, the price could test the 76.4 percent Fibonacci retracement level of the last wave from the $628.76 low to $833.91 high at $676.00.

Ethereum Price ETH/USD Forecast

More importantly, a 2-hour close below the $700.00 support will most likely push Ether into a short-term bearish zone. On the flip side, a successful rejection from the stated support may perhaps complete the current correction wave and start a fresh uptrend.

An initial resistance is at $730.00, followed by the $750.00 level (previous support).

Important Resistance Levels

$730.00 and $750.00

Important Support Levels

$700.00 and $676.00

12-hour RSI

The RSI declined sharply toward the 50-55 zone.

12-hour MACD

The MACD has reduced most of 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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