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Ethereum Price Forecast: ETH/USD Consolidating Below $700

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price remains at a risk of more losses against the US dollar. ETH/USD could trade toward the $650.00 and $630.00 supports in the near term.

Key Highlights

Ether’s price started consolidating losses above the $665.00 support against the US dollar.
ETH/USD settled below an important support at $700.00 on the 6-hour chart of ETH/USD.
ETH/BTC is slowly recovering with a bullish angle above the 0.0800BTC pivot level.

Technically, the 6-hour chart indicators moved in the bearish territory with negative signs.

ETH/USD Could Correct Further

Yesterday, we saw a major downward move in ETH/USD below an important support at $700.00. The pair is currently consolidating losses, and it seems like it might continue to decline toward $650.00 and $630.00.

On the other hand, bitcoin's price faced an increased selling pressure, pushing ETH/BTC back above the 0.0800BTC pivot level. The pair did not test the 0.0750BTC support, which is a positive sign.

Ethereum Price ETH/USD Forecast

Starting with the 6-hour chart of ETH/USD, there was a daily close below a crucial support at $700.00. There was also a break below the 61.8 percent Fibonacci retracement level of the last wave from the $592.86 low to $833.91 high.

The pair is currently trading near $675.00, with an immediate support near the recent low at $665.00. Below the stated $665.00 support, the next major support is at $650.00 and the 76.4 percent Fibonacci retracement level of the last wave from the $592.86 low to $833.91 high.

Any further declines could push the price toward the $630.00 and $600.00 support levels. To the topside, there is a major connecting bearish trendline forming with current resistance at $720.00.

Ether Price Analysis Chart

Dropping down to the hourly chart of ETH/USD, the pair seems to be trading inside a contracting triangle with support at $665.00. On the upside, there is a breakout resistance at $680.00. Should there be an hourly close above $680.00 and $685.00, the price may move above $700.00 to test the $720.00 resistance.

On the flip side, a successful break below the triangle support at $665.00 will most likely push Ether further into the bearish zone.

Important Resistance Levels

$685.00 and $700.00

Important Support Levels

$665.00 and $650.00

Hourly RSI

The RSI is stable and recovering from the oversold levels.

Hourly MACD

The MACD is currently reducing its bearish 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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