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Ethereum Price Forecast: Ether At Significant Turning Point

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is at a significant juncture against the US dollar, whereas it is bullish versus bitcoin. ETH/USD has to settle above $700.00 to recover toward $750.00.

Key Highlights

Ether’s price is holding a crucial support around $640.00 against the US dollar.
ETH/USD broke a key bullish trendline with support at $725.00 on the daily chart of ETH/USD.
ETH/BTC is placed nicely above the 0.0800BTC pivot level with positive signs.

Technically, the daily chart indicators are near midlines in the bullish territory.

ETH/USD Could Bounce Back

This past week, there was a sharp U-turn in ETH/USD from the $800.00 handle. The pair declined sharply and settled below a major support level at $700.00 to move into a bearish zone.

On the flip side, ETH/BTC remained in a bullish zone above 0.0800BTC. There was a downward correction, but buyers were successful in defending losses above 0.0750BTC. The pair remains supported above 0.0800BTC and 0.0780BTC for more upsides.

Ethereum Price Weekly ETH/USD Forecast

Looking at the daily chart of ETH/USD, there was a rejection pattern formed above $800.00. The pair declined by more than $100.00, with a daily close below a crucial support at $700.00.

During the decline, there was a break below a key bullish trendline with support at $725.00. More importantly, Ether’s price traded below the 23.6 percent Fibonacci retracement level of the last wave from the $359.33 low to $833.91 high.

However, the downward move was protected by the $640.00 support. A low was formed at $638.63 before the price started an upward correction with consolidation moves.

The 2-hour chart of ETH/USD indicates that the price is consolidating losses above $640.00 coupled with a short-term bullish pattern. To the topside, the pair must clear the $700.00 resistance (previously support) to accelerate recovery toward the next hurdle for buyers near $750.00.

Ether Price Weekly Analysis

On the downside, the recent low of $638.63 is an important support. Should there be a break and it closes below $640.00, Ether could test the next major support at $600.00.

To summarize, Ether’s price may well face a strong barrier near $700.00 during the current recovery. There might be ranging moves above $640.00 before the next move either above $700.00 or toward $600.00. 

Weekly Resistance Levels

$700.00 and $750.00

Weekly Support Levels

$640.00 and $600.00

Daily RSI

The RSI is currently just above the 50 level.

Daily 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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