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Ethereum Price Forecast: Ether Holding Uptrend Support

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price remains supported above $660.00 against the US dollar. ETH/USD could decline in the short term, but losses may possibly be limited.

Key Highlights

Ether’s price corrected lower and is approaching the $680.00 and $660.00 supports against the US dollar.
ETH/USD broke an important bullish trendline with support at $710.00 on the 2-hour chart.
ETH/BTC is in a consolidation phase below the 0.0850BTC resistance.

Technically, the 30-minute chart indicators are accelerating declines in the bearish territory.

Ether Price Analysis

Yesterday, we discussed a crucial bullish trendline with support around $700.00-710.00 on the 2-hour chart of ETH/USD. The pair broke the trendline support, but it is still placed nicely above an important support at $660.00.

There was no major movement in ETH/BTC during the past three sessions. It seems like the pair is consolidating and trading in a range of 0.0820BTC-0.0850BTC.

Ethereum Price ETH/USD Chart

Looking at the 2-hour chart of ETH/USD, the pair settled below the $700.00 support and also broke the 50 percent Fibonacci retracement level of the last wave from the $657.71 low to $722.63 high.

However, the decline was protected by a key support at $680.00 and the 61.8 percent Fibonacci retracement level of the last wave from the $657.71 low to $722.63 high. Additionally, there is another significant support at $660.00, which is likely to hold the current uptrend.

Should Ether buyers fail to keep the price above $660.00, there could be a change in trend and the price will most likely drop back toward $620.00. Moving down to the 30-minute chart of ETH/USD, it seems like Ether’s price is under selling pressure and is following a major bearish trendline with current resistance at $690.00.

Ether Price Analysis Chart

Therefore, a close above $690.00 may decrease the current bearish pressure and Ether could move past $700.00. On the flip side, a break below $680.00 may well expose the $660.00 support.

Overall, the current price action is slightly bearish but as long as ETH/USD is above $660.00, it could bounce back.

Important Resistance Levels

$690.00 and $700.00

Important Support Levels

$680.00 and $660.00

30-minute RSI

The RSI has reached oversold levels with a few recovery signs.

30-minute MACD

The MACD is gaining pace 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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