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Ethereum Price Forecast: Can Ether Sustain Momentum?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price decline found support above $450.00 against the US dollar. ETH/USD is recovering, but it faces many hurdles.

Key Highlights

Ether’s price tested the $450.00 support zone and bounced back against the US dollar.
ETH/USD moved above a descending channel with resistance near $465.00 on the 30-minute chart.
ETH/BTC could make an attempt to gain bullish momentum above the 0.0720BTC resistance.

Technically, the 2-hour chart indicators just managed to stay in the bullish territory.

Ether Price Analysis

There was a downside break in ETH/USD below the $465.00 support. The pair extended declines and traded below the $460.00 support. However, the $450.00 zone acted as a strong support, resulting in a decent recovery.

ETH/BTC slowly moved higher and there are a few positive signs emerging. The pair could soon make an attempt to overcome sellers near the 0.0720BTC resistance.

Ethereum price Analysis ETH

Looking at the 2-hour chart of ETH/USD, there was a bearish break below the $465.00 support and a connecting bullish trendline. The pair declined further, traded close to the last swing low, and formed a low at $452.82.

Ether buyers defended losses below $450.00-452.00, resulting in an upward move above $460.00. However, the current recovery may well face sellers near the $475.00 resistance and a crucial bearish trendline on the same chart.

Only a successful 2-hour close above $475.00 and $480.00 could initiate more gains. If not, there is a risk of a break below the $450.00 support zone.

Ether Price Analysis Chart

Moving down to the 30-minute chart of ETH/USD, there was a break above a descending channel with resistance near $465.00. The pair also climbed above the 50 percent Fibonacci retracement level of the drop from the $479.05 high to the $452.82 low.

Signs are positive, but Ether is facing many hurdles near $475.00 and $480.00. Should there be a fresh dip, the price might find support at $465.00, $460.00, and $452.00. In the short term, there could be range moves between $450.00-475.00 before the next move.

Important Resistance Levels

$475.00 and $480.00

Important Support Levels

$460.00 and $452.00

2-hour RSI

The RSI is holding the 50 level.

2-hour MACD

The MACD is mostly flat in 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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