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Ether Price Analysis
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Ethereum Price Forecast: Ether Consolidating Losses





Ether’s price recovery was capped against the US dollar and bitcoin. ETH/USD may perhaps retest the $700.00 support zone in the near term.

Key Highlights

Ether’s upward correction was capped by the $775.00 level against the US dollar.
ETH/USD seems to be consolidating losses above the $710.00 and $700.00 support levels on the 2-hour chart.
ETH/BTC has settled just above the 0.0800BTC pivot with a few bearish signs.

Technically, the 2-hour chart indicators are moving lower in the bearish territory.

ETH/USD Downsides Remain Limited

After testing a crucial support zone at $700.00, ETH/USD started an upward move. The pair traded above the $750.00 level, but gains were capped at $775.00.

Similarly, there was a minor recovery in ETH/BTC from the 0.0755BTC level. However, the pair seems to be struggling to move above the 0.0800BTC pivot.

Ethereum Price ETH/USD Forecast

The 2-hour chart of ETH/USD indicates that the pair bounced back sharply after it was rejected from the $700.00 support zone. It moved above the 38.2 percent Fibonacci retracement level of the last drop from the $833.91 high to $694.19 low.

However, the upward move was capped by the $775.00 level. It seems like the price completed a correction from the $694.19 low and is currently in the third wave.

Dropping down to the 30-minute chart of ETH/USD, there is a short-term bearish structure forming below $750.00. The pair has already pierced the $740.00 support and the 50 percent Fibonacci retracement level of the last leg from the $694.19 low to $775.30 high.

At the moment, the $720.00 level is preventing losses, but there is still a risk of more declines in the near term. On the upside, there is a connecting bearish trendline in place with resistance at $745.00.

Ether Price Analysis Chart

A successful close above $745.00 and $750.00 could clear the path for more gains toward $770.00 and $800.00, and lower, Ether has a strong static support near $700.00.

The overall technical structure is still positive, but a proper bullish break above $750.00 is required for accelerated gains.

Important Resistance Levels

$745.00 and $750.00

Important Support Levels

$720.00 and $700.00

2-hour RSI

The RSI is now well below the 50 level.

2-hour MACD

The MACD is slowly gaining traction in the bearish 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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