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Ethereum Price Forecast: Ether Buyers Are Back

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether gained bullish momentum above $500.00 against the US dollar. ETH/USD is correcting lower toward a key buy zone and it remains supported.

Key Highlights

Ether’s price surged above key resistances at $495.00 and $500.00 against the US dollar.
A crucial support is formed near $480.00 on the 2-hour chart of ETH/USD.
ETH/BTC fell below the 0.0680BTC support due to a sharp rise in bitcoin's price.

Technically, the 2-hour chart indicators are retreating from the overbought levels.

Ether Price Analysis

There was a sharp upward move in ETH/USD during the past three sessions. The pair consolidated near the $480.00 level before surging above key resistances at $495.00 and $500.00.

Conversely, there was a major decline in ETH/BTC below the 0.0680BTC support. Bitcoin's price climbed more than 10 percent, increasing bearish pressure below 0.0680BTC. The next important support awaits near 0.0650BTC.

Ethereum Price Forecast ETH

Looking at the 2-hour chart of ETH/USD, the pair recently formed a solid bullish pattern around the $480.00 resistance and started a significant upward move. It broke many resistances like $495.00, $500.00, and $505.00.

A new monthly high was formed at $515.09 before Ether started a downward correction. It moved below the $500.00 support area and a short-term ascending channel with support at $502.00. Moreover, Ether’s price corrected below the 23.6 percent Fibonacci retracement level of the last wave from the $466.08 low to $515.09 high.

The current price action indicates that Ether could correct lower toward a crucial support at $480.00 and a bullish trendline on the same chart. An intermediate key support is $490.00 and the 50 percent Fibonacci retracement level of the last wave.

Ether Price Analysis Chart

Dropping down to the 30-minute chart of ETH/USD, the pair seems to be struggling near the previous support (now resistance) at $500.00. Therefore, the price may perhaps correct further toward $490.00 or $480.00 in the near term.

Overall, Ether is trending upward and dips from the current levels remain supported. An hourly close above $500.00 followed by a break above $510.00 could push the price toward $530.00-550.00.

Important Resistance Levels

$500.00 and $510.00

Important Support Levels

$490.00 and $480.00

2-hour RSI

The RSI is retreating for the extreme overbought levels.

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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