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Ethereum Price Forecast: Can Ether Continue To Recover?





Ether’s price is holding bullish bias against the US dollar and bitcoin. ETH/USD must stay above $550.00 to recover past $585.00 in the near term.

Key Highlights

Ether’s price traded higher and temporarily challenged the $585.00 resistance against the US dollar.
A new connecting bearish trendline is forming with resistance at $580.00 on the 2-hour chart of ETH/USD.
ETH/BTC is stable near the 0.0750BTC pivot level with a positive angle.

Technically, the 2-hour chart indicators have moved into the bullish territory.

Ether Price Analysis

Yesterday, we noted that a successful daily close above the $550.00 pivot could advance the price of Ether. The pair did close above $550.00 and traded above the $570.00 resistance level.

On the other hand, ETH/BTC remained in a range around the 0.0750BTC support. There was a push toward 0.0770BTC, but buyers failed to gain bullish momentum.

Ethereum Price Analysis ETH/USD Forecast

Looking at the 6-hour chart of ETH/USD, the pair started a decent upward move after it formed a base at $505.00. It broke a key bearish trendline with resistance at $550.00 to move into a bullish zone. Additionally, Ether’s price settled above the 23.6 percent Fibonacci retracement level of the last drop from the $722.63 high to $505.669 low, which is a positive sign.

However, the upside move was capped by the 38.2 percent Fibonacci retracement level of that drop, near $585.00-587.00. Moreover, there is a new connecting bearish trendline forming with resistance at $580.00 on the 2-hour chart of ETH/USD.

Ether Price Analysis Chart

A successful break above the trendline resistance and the recent high at $585.02 could clear the path for further recoveries in Ether. To the topside, the next major hurdle for buyers is near $600.00 and $605.00.

Further above $605.00, the price may perhaps surge toward the $650.00 resistance. But a sustained weakness below the $550.00 support could pave the way for an extension of ETH/USD's corrective slide toward the $540.00 level.

Important Resistance Levels

$580.00 and $600.00

Important Support Levels

$550.00 and $540.00

2-hour RSI

The RSI is now placed above the 55 level.

2-hour 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. 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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