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Ethereum Price Forecast: Ether Approaching Significant Hurdle

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is recovering and heading toward a crucial resistance against the US dollar. ETH/USD must settle above $710.00 to extend the current upward move.

Key Highlights

Ether’s price is slowly recovering with positive signs above $660.00 against the US dollar.
An ascending channel is in place with support at $680.00 on the hourly chart of ETH/USD.
ETH/BTC is consolidating gains and may correct a few points lower in the short term.

Technically, the hourly chart indicators are slowly gaining pace in the bullish territory.

Can ETH/USD Break $700-710?

Yesterday, we saw a slightly bullish price action on the 30-minute chart of ETH/USD. The pair moved a few points higher and broke the $685.00 and $688.00 resistance levels. It is now trying to clear the $700.00 and $710.00 resistances.

On the other hand, there was no major movement in ETH/BTC. The pair seems to be consolidating in a tight range above 0.0830BTC with a few signs of a downward correction.

Ether Price Analysis Chart

Starting with the hourly chart of ETH/USD, the pair formed a base at $657.71 and started an upward correction. It moved above the 38.2 percent Fibonacci retracement level of the last decline from the $718.30 high to $657.71 low.

During the upside, Ether’s price also broke a connecting bearish trendline with resistance at $684.00. It opened the doors for more gains, and the price attempted a close above the 50 percent Fibonacci retracement level near $689.00.

At the outset, ETH/USD is currently struggling to break an ascending channel resistance at $690.00-695.00. Should Ether clear the $695.00 resistance, it could test a crucial hurdle near $710.00 and two bearish trendlines on the 6-hour chart.

Ethereum Price Forecast ETH/USD

Looking at the 6-hour chart technical indicators, the price is currently recovering from the oversold conditions, but it remains in a bearish zone. Therefore, a solid upsurge in bullish momentum might be required for Ether buyers to clear the $710.00 resistance.

Overall, the current price action is short-term positive above $680.00, with a significant hurdle on the upside near $710.00.

Important Resistance Levels

$695.00 and $710.00

Important Support Levels

$680.00 and $660.00

Hourly RSI

The RSI is currently above 55 with a positive angle.

Hourly MACD

The MACD is slowly gaining momentum 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, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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