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Ether Price Analysis
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Ethereum Price Forecast: ETH/USD Downsides Remain Supported





Ether’s price is slowly recovering against the US dollar. ETH/USD could trade higher once again as long as the $695.00 support area is intact.

Key Highlights

Ether’s price recovery faced a strong barrier near $740.00 against the US dollar.
ETH/USD is holding a key bullish trendline with current support at $695.00 on the 2-hour chart.
ETH/BTC continued to trade higher and moved above the 0.0820BTC resistance.

Technically, the 2-hour chart indicators are placed nicely in the bullish territory.

ETH/USD Holding Key Supports

In the weekly analysis, we discussed ranging moves in ETH/USD above $640.00. The pair gained bullish momentum and traded above $700.00 and $720.00 before facing hurdles near $740.00.

More importantly, there were decent gains in ETH/BTC above 0.0800BTC. The pair jumped higher and broke the 0.0820BTC resistance, making further growth possible.

Ether Price Analysis Chart

Starting with the 30-minute chart of ETH/USD, the pair gained bullish traction and traded above $700.00. It even broke the $720.00 resistance, but then faced a strong hurdle near $740.00.

Ether buyers made more than two attempts to break the $740.00 barrier but they failed. As a result, there was a downward reaction and the pair broke a bullish trendline with support at $720.00. Ether’s price extended declines and, after a short-term correction, it traded below an ascending channel with support at $703.00.

However, ETH/USD tested a crucial bullish trendline with support at $695.00 on the 2-hour chart. Should the trendline support succeed in preventing further declines, Ether could bounce back toward a bearish trendline with current resistance at $730.00.

Ethereum Price ETH/USD Forecast

ETH/USD’s 2-hour and 4-hour charts show that ETH/USD is bullishly holding above a 21 SMA, while technical structure indicates limited chances of a downward move, particularly if buyers defend the $695.00 support.

A successful close above the trendline could push the price toward the $740.00 resistance, above which, the price will most likely accelerate gains toward $760.00 and $780.00.

Important Resistance Levels

$730.00 and $740.00

Important Support Levels

$700.00 and $695.00

2-hour RSI

The RSI is currently holding the 50 level with a few positive signs.

2-hour MACD

The MACD is stable in the bullish 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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