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Ethereum Price Forecast: Ether’s Bullish Bias Intact





Ether’s price is trading in a tiny range against the US dollar and bitcoin. ETH/USD must hold the $600.00 support to accelerate gains above the $615.00 resistance.

Key Highlights

Ether’s price is confined in a range above the $600.00 support level against the US dollar.
A contracting triangle is formed with resistance near $615.00 on the 2-hour chart of ETH/USD.
ETH/BTC extended its range below the 0.0800BTC resistance.

Technically, the 2-hour chart indicators are placed nicely in the bullish territory.

Ether Price Analysis

Yesterday, we discussed a major breakout pattern with resistance near $610.00 and support around $600.00. During the past three sessions, there was no crucial break and the price was confined in a range below the $610.00 and $615.00 resistance levels.

Similarly, ETH/BTC did not move above the 0.0800BTC resistance. The pair is currently consolidating with a key resistance at 0.0800BTC and support near 0.0780BTC.

Ether Price Analysis Chart

Starting with the 30-minute chart of ETH/USD, the pair dipped toward the $605.00 level where buyers appeared. The downside move was protected by the 50 percent Fibonacci retracement level of the last wave from the $593.18 low to $615.89 high.

It seems like there is a strong horizontal support forming around a bullish trendline and $605.00. On the upside, there is a key connecting bearish trendline with resistance at $610.00.

Therefore, a break and close either above $610.00 or below $605.00 could trigger the next move in Ether. A similar pattern is visible on the 2-hour chart of ETH/USD. There is a major contracting triangle forming with resistance near $615.00 and support at $605.00.

A successful 30-minute close above $610.00 followed by a 2-hour close above $615.00 may perhaps initiate the next rally in Ether’s price.

Ethereum Price Analysis ETH/USD Forecast

Above $615.00, the next resistance is around the recent high at $628.00. However, a bullish breakout in the upcoming sessions might place the price on a path toward $650.00.

The overall market sentiment is positive as long as Ether stays above the $605.00 and $600.00 support levels. If not, the price will most likely retest the $575.00 support.

Important Resistance Levels

$610.00 and $615.00

Important Support Levels

$605.00 and $600.00

2-hour RSI

The RSI is slowly moving lower toward the 55 level.

2-hour MACD

The MACD is currently flat 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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