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Ethereum Price Forecast: Ether Signaling Bullish Continuation

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is showing bullish signs against the US dollar and bitcoin. A daily close above $700.00-710.00 in ETH/USD may well initiate a fresh upward move.

Key Highlights

Ether’s price gained bullish momentum and moved above the $700.00 resistance against the US dollar.
There was a bullish break above a bearish trendline with resistance at $695.00 on the 2-hour chart of ETH/USD.
ETH/BTC gained traction and moved above the 0.0850BTC resistance zone.

Technically, the 12-hour chart indicators are moving higher toward midlines in the bearish territory.

ETH/USD Could Retest $740

This past week, there were bearish moves in ETH/USD as the pair declined below the $690.00 support. It traded as low as $657.71 before starting an upward recovery.

On the flip side, ETH/BTC remained in a bullish zone above 0.0820BTC. There was a minor downward correction recently, but the pair bounced back and moved above the 0.0850BTC resistance zone. The next hurdles on the upside are 0.0880BTC and 0.0900BTC.

Ether Price Weekly Analysis

The 2-hour chart of ETH/USD indicates that the pair broke a key bearish trendline with resistance at $695.00. Ether buyers pushed the price above the 50 percent Fibonacci retracement level of the last drop from the $741.80 high to $657.71 low.

However, the upward move was capped by the $716.00-718.00 region, representing the previous swing high. The price traded lower and tested a major bullish trendline on the same chart with current support at $690.00.

The current price action on the 2-hour chart suggests that Ether is slowly gaining bullish momentum above $700.00. Should there be a break above $716.00-718.00, the price could retest the next major hurdle near $740.00.

Ethereum Price ETH/USD Forecast

Looking at the 12-hour chart of ETH/USD, the pair is currently attempting a close above a significant bearish trendline with resistance near $700.00. Therefore, a successful daily close above this may possibly kickstart a fresh uptrend toward $800.00 in the near term.

To the downside, an important bullish trendline with current support at $660.00 is in place to prevent declines. Below the trendline support, Ether’s price could accelerate losses toward the $600.00 support.

Important Resistance Levels

$718.00 and $740.00

Important Support Levels

$690.00 and $660.00

12-hour RSI

The RSI is moving higher toward the 50 level.

12-hour MACD

The MACD has almost reduced 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, 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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