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Ethereum Price Forecast: Ether's Recovery Is Accelerating

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price bounced back against the US dollar but extended losses versus bitcoin. ETH/USD must stay above $450.00 to recover further in the near term.

Key Highlights

Ether’s price traded to a new monthly low at $421.80 and recovered sharply against the US dollar.
ETH/USD broke a crucial bearish trendline with resistance at $450.00 on the 2-hour chart.
ETH/BTC broke the 0.0750BTC support and is currently struggling to recover.

Technically, the 2-hour chart indicators are moving higher in the bearish territory.

Ether Price Analysis

Yesterday, we discussed continued losses in ETH/USD below the $450.00 and $445.00 support levels. The pair did move down further and traded to a new monthly low at $421.80 before staging a solid recovery.

On the other hand, ETH/BTC failed to hold a key support at 0.0750BTC and extended declines. It seems like the pair could continue to move down toward the next support at 0.0720BTC.

Ethereum Price Analysis ETH

Starting with the 2-hour chart of ETH/USD, the pair broke a contracting triangle with support at $470.00, and declined sharply. It broke the $450.00 and $445.00 support levels before forming a low at $421.80.

The price started a solid recovery, and a bullish candle with a long tail was formed at $421.80. Ether buyers gained momentum and pushed the price above the 23.6 percent Fibonacci retracement level of the last drop from the $548.12 high to $421.80 low.

Furthermore, there was a break above a crucial bearish trendline with resistance at $450.00 on the same chart. The pair spiked above the $470.00 level before topping at $473.12. Ether sellers protected further gains above $470.00 and the 38.2 percent Fibonacci retracement level of the last drop.

Ether Price Analysis Chart

The 30-minute chart of ETH/USD indicates a short-term rejection at $473.12. However, the price is placed nicely above a connecting bullish trendline with support at $452.00 and a horizontal support at $450.00.

The current price action on the 30-minute chart is stable with a strong support at $450.00, below which, Ether’s price may perhaps drop to $435.00. To the topside, a 2-hour close above $475.00 could accelerate gains in ETH/USD above $485.00 and $490.00.

Important Resistance Levels

$475.00 and $485.00

Important Support Levels

$450.00 and $435.00

2-hour RSI

The RSI is currently near the 45 level with positive signs.

2-hour MACD

The MACD is slowly moving into 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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