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Ethereum Price Forecast: The Buyers Are Presently Prevailing

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is bouncing from important supports against the US dollar and bitcoin. ETH/USD now has to settle above $750.00 to extend the current bullish wave.

Key Highlights

Ether’s price is holding key supports above $700.00 and is currently moving higher against the US dollar.
There is a crucial bullish trendline in place with support at $720.00 on the 6-hour chart of ETH/USD.
ETH/BTC is back above the 0.0800BTC pivot with a bullish angle.

Technically, the 2-hour chart indicators are attempting to move above their midlines.

Can ETH/USD Break $750?

ETH/USD completed the third wave of the recent downward correction above $700.00 and started an upward move. The pair gained bullish momentum and traded above the $720.00 resistance level.

ETH/BTC was also well bid, resulting in a push above a major resistance around the 0.0800BTC pivot level. The pair may perhaps continue to move higher toward the next resistance at 0.0820BTC.

Ethereum Price ETH/USD Forecast

Looking at the 6-hour chart of ETH/USD, the pair is holding a crucial support above $700.00. The price threatened to dip below $710.00 and $700.00, but buyers successfully defended losses. More importantly, there is a key bullish trendline in place with support at $720.00.

Therefore, should there be another downward push, Ether will most likely find buyers near $720.00, $710.00, and $700.00. On the other hand, the 2-hour chart of ETH/USD indicates a significant bearish trendline with resistance at $750.00.

Ether Price Analysis Chart

A successful 2-hour close above the $750.00 resistance could push Ether’s price higher still. The next hurdle sits around the 50 percent Fibonacci retracement level of the last decline from the $833.91 high to $694.19 low at $665.00.

Any further gains will most likely drive the price toward the $800.00 level, and then to the last high near $830.00. Overall, the ongoing upward move may perhaps continue with an extension beyond $750.00, while a break below $720.00 should see ETH/USD resuming its short-term bearish trend.

Important Resistance Levels

$750.00 and $765.00

Important Support Levels

$720.00 and $700.00

2-hour RSI

The RSI is attempting to move above the 50 level.

2-hour MACD

The MACD is back in the bullish zone with a positive price action.

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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