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Ethereum Price Forecast: Ether Buyers Put To Test

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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

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