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Ethereum Price Forecast: Ether Should Keep Rising

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is trading with positive moves against the US dollar and bitcoin. ETH/USD is likely to accelerate gains if it breaches $600.00 and $640.00.

Key Highlights

Ether’s price climbed higher and tested the $600.0 barrier against the US dollar.
A crucial resistance awaits on the upside near $640.00 on the 12-hour chart of ETH/USD.
ETH/BTC is placed nicely in a positive zone with resistances near 0.0800BTC and 0.0820BTC.

Technically, the 12-hour chart indicators are currently near midlines in the bearish territory.

Ether Price Weekly Analysis

The past few days were mostly positive as ETH/USD broke the $540.00 resistance and settled above the $550.00 pivot level. Yesterday, the pair even broke the $585.00 resistance and traded close to the $600.00 barrier.

After trading above the 0.0800BTC level, ETH/BTC corrected lower and tested the 0.0720BTC support. Later, it started a fresh upside move and is currently trading nicely above the 0.0750BTC level. Resistances on the upside are at 0.0800BTC and 0.0820BTC.

Ethereum Price Analysis ETH/USD Forecast

Let’s look at the 12-hour chart of ETH/USD to understand the current price action from the $505.69 monthly low. The pair started an upward move and traded above the $520.00 and $540.00 resistance levels.

More importantly, Ether’s price climbed above the $550.00 pivot level to move into a short-term bullish zone. Later, the price was seen struggling to clear the 23.6 percent Fibonacci retracement level of the last drop from the $833.91 high to $505.69 low near $582.00.

Finally, Ether buyers succeeded in breaking the $582.00 and $585.00 resistance levels and the price tested the $600.00 psychological level. To the topside, there is an important bearish trendline in place with resistance near $625.00. Above this, there is a horizontal resistance at $540.00, which may well act as a significant hurdle for more gains.

An intermediate resistance is near the 38.2 percent Fibonacci retracement level of the last drop from the $833.91 high to $505.69 low at $630.00. Therefore, there are many key resistances on the way up to $640.00.

Ether Price Weekly Analysis

Dropping down to the 2-hour chart of ETH/USD, there is a short-term connecting bullish trendline with support at $575.00. Above this, the previous resistance at $585.00 may perhaps act as a support.

To sum up, the current technical structure is positive above $575.00. Ether’s price must break the $600.00 barrier to test the next crucial hurdle at $640.00 in the coming days.

Weekly Resistance Levels

$600.00 and $640.00

Weekly Support Levels

$575.00 and $550.00

12-hour RSI

The RSI is attempting to move above the 50 level.

12-hour MACD

The MACD is about to move into 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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