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Ethereum Price Forecast: Can Ether Extend Recovery?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is recovering nicely against the US dollar. ETH/USD could extend gains if it settles above the $610.00-615.00 resistance zone.

Key Highlights

Ether’s price staged a solid comeback and recovered more than $50.00 from lows against the US dollar.
ETH/USD must break a key bearish trendline with resistance at $610.00 on the 2-hour chart.
ETH/BTC also recovered and moved back above the 0.0800BTC resistance.

Technically, the 2-hour chart indicators bounced back sharply from the oversold levels.

Ether Price Analysis

Yesterday, we saw positive moves and a base formation near $550.00 on the 30-minute chart of ETH/USD. The pair started an upward move and traded higher by more than $50.00.

Similarly, ETH/BTC completed a bearish wave and moved above the 0.0800BTC resistance. It could continue to move higher in the short term toward the 0.0820BTC resistance.

Ethereum Price Chart ETH/USD

Starting with the 12-hour chart of ETH/USD, the pair topped out at $722.63 on May 21, 2018, and came under heavy selling pressure. It declined sharply with seven back-to-back bearish candles and settled below a crucial support at $650.00.

The price even traded below $600.00 and tested the $550.00 support. A short-term bottom was formed at $543.48, followed by a solid 12-hour bullish candle, indicating the importance of the $550.00 support.

Ether climbed higher and broke the 23.6 Fibonacci retracement level of the last drop from the $722.63 high to $543.48 low. The price even moved above $600.00, but it faced a strong selling interest near a bearish trendline at $615.00 on the 2-hour chart.

Ether Price Analysis Chart

The same chart suggests that the price has to move above the trendline resistance at $610.00 to recover further. A successful close above the trendline will most likely open the doors for a crucial test near $650.00.

An intermediate resistance is near $635.00 and the 50 Fibonacci retracement level of the last drop from the $722.63 high to $543.48 low.

The current price structure is positive on the 2-hour chart, but a failure to break the $610.00 resistance may result in yet another bearish reaction.

Important Resistance Levels

$610.00 and $635.00

Important Support Levels

$580.00 and $550.00

2-hour RSI

The RSI is struggling to break the 50 level.

2-hour MACD

The MACD has moved back 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. 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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