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Ether Price Analysis
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Ethereum Price Forecast: Ether Likely Forming Double Bottom





Ether’s price could correct higher against the US dollar. ETH/USD must stay above the $500.00 support to recover in the near term.

Key Highlights

Ether’s price extended declines and traded close to the $500.00 handle against the US dollar.
ETH/USD is likely forming a double bottom pattern above the $500.00 level on the 6-hour chart.
ETH/BTC remained range-bound below 0.0800BTC with limited declines.

Technically, the 2-hour chart indicators are currently in oversold levels.

Ether Price Analysis

The past five sessions were very bearish as ETH/USD declined below a few key support levels such as $550.00. The pair traded toward the $500.00 handle, which is a major support and it held the recent losses.

ETH/BTC saw a minor increase in selling pressure, but declines were limited since the price of bitcoin also fell heavily against the US Dollar.

Ethereum Price ETH/USD Forecast

Starting with the 6-hour chart of ETH/USD, there was a rejection from a connecting bearish trendline with resistance at $610.00. The pair fell sharply and broke the $580.00 and $550.00 support levels. A new monthly low was formed at $503.27 before buyers took a stand.

The pair is currently consolidating losses and is correcting higher above $510.00. It seems like the price is forming a double bottom pattern near the $505.00 level. Should the price bounce back, it could correct toward $550.00 and the 38.2 Fibonacci retracement level of the last decline from the $628.21 high to $503.27 low.

Ether Price Analysis Chart

Above $550.00, the price may perhaps move back in a positive zone toward the 50 percent Fibonacci level of the last decline. On the flip side, a failure to recover in the short term could put a lot of pressure on Ether buyers.

An initial support is at $510.00 followed by the recent low of $503.27. Below this, the price may possibly clear the $500.00 handle. Overall, the double bottom pattern with support above $500.00 holds the key for the next move in Ether.

2-hour MACD

The MACD is placed heavily in a bearish zone.

2-hour RSI

The RSI is now near the extreme oversold level at 20 with a few recovery signs.

Important Support Levels

$510.00 and $500.00

Important Resistance Levels

$535.00 and $540.00

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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