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Ethereum's Price Is Facing A Tough Challenge Near $725

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is losing bullish momentum against the US dollar. ETH/USD must break the $725.00 barrier to decrease the bearish pressure.

Key Highlights

Ether’s price traded in a range above the $676.00 support against the US dollar.
A major bearish trendline is in place with resistance at $725.00 on the 6-hour chart of ETH/USD.
ETH/BTC tested the 0.0820BTC resistance and is currently consolidating gains.

Technically, the 6-hour chart indicators are struggling to move back in the bullish territory.

Can ETH/USD Gain Momentum?

The past three sessions were mostly quiet with ranging moves in ETH/USD. The pair retested the $675.00-670.00 support region before correcting higher.

On the other hand, ETH/BTC extended gains and spiked above the 0.0820BTC resistance. The pair is currently consolidating around 0.0840BTC.

Ethereum Price ETH/USD Forecast

Starting with the 6-hour chart of ETH/USD, the pair formed a pattern with rejections near $770.00, $760.00, $740.00, and $720.00. To the topside, there is a major bearish trendline in place with current resistance at $725.00.

A successful close above the trendline will most likely clear the path for Ether buyers to take control. The next key hurdle sits around $740.00, above which, the price could accelerate past $750.00 toward $770.00.

On the downside, there is a short-term connecting bullish trendline forming with support at $692.00 on the same chart. Should the price decline below this, there may well be a pullback toward the $650.00 support area.

Moving down to the 2-hour chart, ETH/USD seems to be trading in a range with support at $676.00 and resistance near $740.00. The price is lacking directional strength, suggesting more ranging moves in the short term.

Ether Price Analysis Chart

Lower timeframe charts show that Ether’s price is slowly advancing with a bullish angle, although 2-hour chart technical indicators lack upward momentum. An immediate resistance is at $712.00, followed by the $725.00 barrier.

On the flip side, a break below $692.00 (trendline support) would aim for $676.00 (range support) and finally $650.00.

Important Resistance Levels

$712.00 and $725.00

Important Support Levels

$692.00 and $676.00

6-hour RSI

The RSI is currently near 40 and is lacking upside momentum.

6-hour MACD

The MACD is mostly flat 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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