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Ethereum Price Forecast: ETH/USD Likely Forming Crucial Bottom

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is possibly forming a bullish pattern against the US dollar and bitcoin. ETH/USD will most likely break the $440.00 and $450.00 resistance in the coming days.

Key Highlights

Ether’s price is likely forming a key bottom near the $420.00 support against the US dollar.
A significant resistance is formed near $438.00-440.00 on the 2-hour chart of ETH/USD.
ETH/BTC is poised to break the 0.0700BTC resistance for a decent recovery.

Technically, the 12-hour chart indicators are slowly recovering higher in the bearish territory.

Ether Price Analysis

This past week, there were mostly bearish moves in ETH/USD within a range above the $420.00 support. The pair is currently consolidating in a $30.00 range and is likely forming a support base for an upward move.

Similarly, ETH/BTC is consolidating losses above the 0.0680BTC support. It seems like the pair may perhaps break the 0.0700BTC resistance in the coming sessions and attempt a larger recovery.

Ethereum price weekly Analysis ETH

Let’s start with the 12-hour chart of ETH/USD to understand the last week’s price action. It seems like the price was rejected from the $500.00 resistance zone, resulting in a sharp decline and close below the $450.00 support.

Ether’s price tested the $420.00 support region before starting a consolidation phase. It is currently trading in a range with support at $420.00 and resistance near $450.00. Above the range resistance, there is a connecting bearish trendline in place at $470.00.

On the downside, a daily close below the range support at $420.00 may increase bearish pressure. The next immediate support is at $405.00, below which Ether could test $400.00.

Ether Price Analysis Chart

Moving down to the 2-hour chart, it seems like ETH/USD is forming a strong support near $420.00 for a bullish break. To the topside, there is a crucial resistance near $440.00 and a bearish trendline.

Should there be a 2-hour close above $440.00, Ether’s price may well gain bullish momentum toward $450.00 and $470.00. Overall, the current price action indicates that Ether sellers are losing steam, which could result in a bullish break above $440.00 and $450.00 in the coming days. 

Weekly Resistance Levels

$440.00 and $450.00

Weekly Support Levels

$420.00 and $405.00

12-hour RSI

The RSI is slowly rising toward the 40 level.

12-hour MACD

The MACD is almost flat with no major negative signs.

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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