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Ethereum Price Forecast: Ether Extends Consolidation

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price extended range moves against the US dollar and bitcoin. ETH/USD is currently moving higher toward the range resistance at $610.00-615.00.

Key Highlights

Ether’s price tested the $590.00-592.00 area and recovered later against the US dollar.
ETH/USD broke a short-term connecting bearish trendline with resistance at $600.00 on the hourly chart.
ETH/BTC is flirting with the 0.0800BTC resistance and is struggling to move higher.

Technically, the hourly chart indicators are moving higher in the bullish territory.

Ether Price Analysis

Yesterday, there was a short-term downward move below the $600.00 support. ETH/USD tested the $590.00 support zone and it later started forming a base for a recovery.

On the flip side, upsides in ETH/BTC are still capped by 0.0800BTC resistance. The pair may continue to trade in a range before the next move either above 0.0800BTC or below 0.0780BTC.

Ether Price Analysis Chart

Starting with the hourly chart of ETH/USD, the pair dipped toward the lower end of a range ($575.00-$615.00). It tested the $590.00 support zone, traded as low as $592.91, and later started an upward move.

The price bounced back above the $600.00 resistance and a short-term connecting bearish trendline on the same chart. Moreover, there was a close above the 50 percent Fibonacci retracement level of the last decline from the $615.89 high to $592.91 low.

It seems like Ether’s price could retest the range resistance near $610.00 and $615.00. Any further gains require an increase in buying sentiment and trading volumes. The next major hurdles on the upside are at $628.00, $635.00, and $650.00.

Ethereum Price ETH/USD Forecast

On the downside, an initial support is at $605.00, below which the $600.00 pivot level could be tested. Any further declines may possibly push the price back toward the $590.00 range support.

Moving up to the 6-hour chart of ETH/USD, there is a new breakout pattern forming with support at $595.00 and resistance near $608.00. The price is approaching the next break, but momentum might play a crucial role for a substantial move.

To sum up, Ether continues to trade in a range and is preparing for the next important ride toward $650.00 or $550.00.

Important Resistance Levels

$610.00 and $615.00

Important Support Levels

$600.00 and $590.00

Hourly RSI

The RSI is currently placed above the 55 level.

Hourly MACD

The MACD is moving nicely in a 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, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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