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Ethereum Price Forecast: ETH/USD Consolidating Gains

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is consolidating gains against the US dollar but correcting lower versus bitcoin. ETH/USD must close above the $700.00 hurdle to test $720.00.

Key Highlights

Ether’s price struggled to break the $720.00 resistance over the weekend and is currently experiencing bearish pressure against the US dollar.
A crucial bullish trendline is in place with support at $700.00 on the 2-hour chart of ETH/USD.
ETH/BTC once again failed to settle above the 0.0850BTC resistance zone.

Technically, the 2-hour chart indicators are placed in the bullish territory with neutral signs.

Ether Price Analysis

In the weekend analysis, we discussed about a possible daily close above $700.00 in ETH/USD. The pair did close above the stated pivot level, suggesting positive signs and more gains in the near term; but as of this morning it has dipped below the $700.00 resistance level.

On the other hand, ETH/BTC failed to stay above the 0.0850BTC resistance level. It started a new downward correction, and it may well test the 0.0820BTC support.

Ether price analysis chart

Starting with the 30-minute chart of ETH/USD, the pair traded as high as $722.63 before facing selling interest. It started a downward move and corrected below the $710.00 level.

However, declines were protected by the $702.00 and $705.00 support levels (previous resistances). On the upside, there is a short-term bearish trendline forming with resistance at $715.00 on the same chart.

Therefore, it seems like the price is approaching the next break either above $715.00 or below $702.00. Above $715.00, the price might even clear the $720.00 resistance. On the flip side, a break below $700.00 may turn the bias in favor of sellers.

Ethereum Price ETH/USD Forecast

Moving up to the 2-hour chart of ETH/USD, the pair was trying to hold a crucial bullish trendline with support above $705.00. Should there be a 2-hour close below the trendline support, the price possibly will decline toward the next support at $680.00.

To the topside, two key barriers for buyers are at $720.00 and $740.00. Any subsequent move beyond the latter has the potential to continue lifting Ether’s price further toward reclaiming the $760.00 resistance.

Important Resistance Levels

$720.00 and $740.00

Important Support Levels

$705.00 and $680.00

2-hour RSI

The RSI is correcting lower from the 65 level toward 55.

2-hour MACD

The MACD has slightly reduced 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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