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Ether Price Analysis
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Ethereum Price Forecast: Can Ether Retake The $500 Barrier?





Ether’s price recovered slightly against the US dollar and bitcoin. ETH/USD must settle above the $500.00 barrier for further recoveries in the near term.

Key Highlights

Ether’s price formed a solid support near the $450.00 level and recovered against the US dollar.
A significant resistance is in place around the $490.00-500.00 zone on the 4-hour chart of ETH/USD.
ETH/BTC is consolidating losses below the 0.0750BTC pivot level.

Technically, the 4-hour chart indicators are recovering from the oversold levels in the bearish territory.

Ether Price Analysis

Yesterday, we saw a major downward move below the $500.00 handle. ETH/USD passed the $475.00 support and tested the crucial support zone near $450.00 where buyers appeared.

ETH/BTC found support just below the 00750BTC pivot level. The pair is currently consolidating losses and is preparing for the next move. A break above the stated pivot level could clear the path for a test of 0.0800BTC.

Ethereum Price Analysis ETH/USD

Looking at the 4-hour chart of ETH/USD, buyers took a stand near the $450.00 level and prevented further slides. Two bullish candles were formed, and the price recovered above $475.00. However, Ether’s price is facing a key hurdle just below the $500.00 level.

There is a major bearish trendline in place with resistance around $490.00-495.00. Should there be a successful close above this, the price could move past the $500.00 barrier and recover further in the near term.

The next hurdle on the upside awaits around $510.00 (the previous range support). Any further gains may perhaps call for a test of the all-important $550.00-560.00 resistance zone. Dropping down to the 30-minute chart of ETH/USD, the pair is showing signs of a recovery above the $465.00 level.

Ether Price Analysis Chart

A bearish trendline has formed with resistance around $592.00. On the flip side, there is a bullish trendline with support at $485.00, followed by a horizontal support at $465.00.

Therefore, there is a breakout pattern forming with resistance around $492.00-495.00 and support above $465.00. An upside break above $495.00 would be a positive sign, but a break below $465.00 may well resume the downtrend.

Important Resistance Levels

$495.00 and $510.00

Important Support Levels

$465.00 and $450.00

4-hour RSI

The RSI is moving higher in the bearish zone.

4-hour MACD

The MACD is currently reducing the bearish slope.

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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