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Ethereum Price Forecast: Ether Upsides Remain Capped

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is correcting higher against the US dollar and bitcoin. However, upsides in ETH/USD are likely to be capped by the $450.00 and $460.00 resistance levels.

Key Highlights

Ether’s price started an upward recovery after forming a low at $426.03 against the US dollar.
There is a crucial resistance zone formed near $450.00-460.00 on the 2-hour chart of ETH/USD.
ETH/BTC is correcting higher toward the previous support (now resistance) at 0.0700BTC.

Technically, the 20-minute chart indicators moved slowly into the bullish territory.

Ether Price Analysis

Yesterday, there was a sharp decline in ETH/USD below a key support at $450.00. The pair traded as low as $426.03 and is currently correcting higher.

ETH/BTC also started an upward correction after forming a base near the 0.0680BTC support. It could retest the 0.0700BTC resistance, above which, the next barrier for buyers awaits at 0.0720BTC.

Analysis

Looking at the 30-minute chart of ETH/USD, the pair formed a support base around $430.00 and started an upward correction. It moved higher and broke the $435.00 resistance and a bearish trendline.

Moreover, there was a break above the 23.6 percent Fibonacci retracement level of the decline from the $495.49 high to $426.03 low. However, there are many hurdles near the $450.00-460.00 zone to prevent further gains.

The 2-hour chart of ETH/USD indicates that the pair formed two decent bullish candles to start an upward correction. To the topside, there are horizontal resistances at $450.00 and $465.00 along with a bearish trendline to act as a key barrier.

Ethereum Price Analysis Chart

To recover further and move into a bullish zone, Ether’s price must clear the $460.00 resistance, since it is the 50 percent Fibonacci retracement level of the decline.

On the other hand, should the price fail to recover above $450.00 or $460.00, it could resume its bearish direction. An immediate support is at $435.00, below which, the price may retest $426.00. Finally, the most important support that could possibly hold the current negative bias is sitting at $420.00.

Important Resistance Levels

$450.00 and $460.00

Important Support Levels

$435.00 and $426.00

2-hour RSI

The RSI is slowly moving higher toward the 50 level.

2-hour MACD

The MACD is about to move back 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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