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Ethereum Price Forecast: Ether Correcting Gains

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is correcting recent gains against the US dollar and bitcoin. ETH/USD remains supported above the $470.00 level and it could resume its upward move.

Key Highlights

Ether’s price traded to a new monthly high at $495.49 before starting a downward correction against the US dollar.
There is a crucial support near $475.00-480.00 on the 2-hour chart of ETH/USD.
ETH/BTC failed to gain momentum and moved back below 0.0720BTC.

Technically, the 2-hour chart indicators are currently near midlines in the bullish territory.

Ether Price Analysis

There were further gains in ETH/USD above the $480.00 resistance. The pair made a nice bullish move and traded to a new monthly high at $495.49 before starting a downward correction.

On the other hand, ETH/BTC failed to hold gains above the 0.0720BTC level and declined. However, losses were limited and the pair remains well supported above the 0.0700BTC level.

Ethereum Price Analysis ETH

Looking at the 2-hour chart of ETH/USD, the pair spiked above the $492.81 swing high and traded toward the $500.00 barrier. However, Ether buyers failed to gain momentum and a new high was formed at $495.49.

The price started correcting lower and declined below $490.00 and the 23.6 percent Fibonacci retracement level of the $452.81 to $495.49 wave. However, there are many supports above the $470.00 level.

An initial support is at $480.00, followed by a bullish trendline with support at $478.00. Below this, the 50 percent Fibonacci retracement level of the wave at $473.00 may hold declines.

Ether Price Analysis Chart

Dropping down to the 30-minute chart of ETH/USD, the pair seems to be approaching a short-term break. On the upside, there is a connecting bearish trendline with resistance at $483.00. A successful break above the trendline and $485.00 could open the doors for a fresh bullish wave.

The next resistances are at $490.00 and $495.00, followed by the all-important $500.00 hurdle. On the flip side, a bearish break below $480.00 may possibly push the price toward the $475.00 and $473.00 support levels.

Important Resistance Levels

$485.00 and $495.00

Important Support Levels

$480.00 and $473.00

2-hour RSI

The RSI is currently near the 55 level.

2-hour MACD

The MACD is slowly reducing its bullish 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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