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Ethereum Price Forecast: Ether At Crossroads

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is consolidating near key levels against the US dollar and bitcoin. ETH/USD could break major resistances above $500.00 for a bullish recovery.

Key Highlights

Ether’s price is preparing for the next move with resistances near $505.00 and $515.00 against the US dollar.
A bullish breakout pattern is forming with resistance near $505.00 on the 12-hour chart of ETH/USD.
ETH/BTC could move higher toward 0.0800BTC in the near term.

Technically, the 12-hour chart indicators are showing signs of an upward move.

Ether Price Analysis

There was a positive price action above the $480.00 support level in ETH/USD. Should Ether buyers gain momentum above $505.00, there could be an upward acceleration in the upcoming days.

Similarly, there are bullish signs emerging in ETH/BTC above the 0.0750BTC support. A successful break above the 0.0780BTC and 0.0800BTC resistances may perhaps open the doors for more gains.

Ethereum Price ETH/USD Forecast

Let’s start with the 12-hour chart of ETH/USD to understand the current price action and the last decline toward $450.00. The pair declined heavily below $500.00 and traded as low as $450.60.

Later, the price started an upward move and broke the 23.6 percent Fibonacci retracement level of the last decline from the $628.21 low to $450.60 low.

The price also moved above the $500.00 level before starting a consolidation. At the outset, there is a bullish breakout pattern formed with resistance at $505.00 on the same chart. A successful break above the bullish pattern will most likely open the gates for an upward extension.

Ether Price Analysis Chart

To the topside, there are two connecting bullish trendlines in place with resistance near $600.00. Dropping down to the 2-hour chart of ETH/USD, there is a contracting range forming with support at $490.00 and resistance near $515.00.

Therefore, Ether’s price must clear the $505.00 and $515.00 resistance levels to gain traction this upcoming week. On the downside, an initial support is at $490.00 followed by the all-important $480.00. A bearish break below this last may perhaps push Ether back toward the last swing low at $450.00.

Weekly Resistance Levels

$515.00 and $550.00

Weekly Support Levels

$480.00 and $450.00

12-hour RSI

The RSI is slowly moving higher toward the 50 level.

12-hour MACD

The MACD is currently showing signs of a recovery.

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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