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Ethereum Price Forecast: Can Ether Bounce Back?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price faced heavy selling interest against the US dollar and bitcoin. ETH/USD must stay above $460.00 to remain in an uptrend.

Key Highlights

Ether’s price declined sharply and settled below the $495.00 support against the US dollar.
ETH/USD broke a key bullish trendline with support at $480.00 on the 2-hour chart.
ETH/BTC declined further and broke a crucial support near the 0.0650BTC level.

Technically, the 6-hour chart indicators corrected sharply lower toward their midlines.

Ether Price Analysis

Yesterday, we saw a solid rise in ETH/USD above the $500.00 resistance. However, the pair faced a strong selling interest near the $515.00 level, resulting in a sharp downward move.

More importantly, there were further losses in ETH/BTC. The pair broke a crucial support near the 0.0650BTC level and moved into a bearish zone. ETH/BTC’s slide increased selling pressures on ETH/USD below the $500.00 support.

Ethereum Price Forecast ETH

Starting with the 6-hour chart of ETH/USD, the pair formed a short-term top at $515.09. It seems like a major connecting resistance trendline prevented gains and pushed the price below the 50 percent Fibonacci retracement level of the last wave from the $466.08 low to $515.09 high.

There was a break below the $480.00 support, but buyers were able to hold losses near $470.00 and a short-term bullish trendline on the same chart. Below this, there is a crucial support near $460.00 and another bullish trendline.

An intermediate support sits at $465.00 and the 50 percent Fibonacci retracement level from $418.40 to $515.09. A successful break below $465.00 and $460.00 may perhaps push the price back into a bearish zone.

Ether Price Analysis Chart

Moving down to the 2-hour chart, the pair broke a key bullish trendline with support at $480.00. Later, it found bids near $470.00 and is currently recovering toward the $480.00 resistance (the previous support). Above this, the price is likely to revisit the $500.00 resistance zone.

To sum up, Ether’s sharp decline versus bitcoin increased selling pressure on ETH/USD. Going forward, the pair must stay above the $460.00 support. Otherwise, there is a risk of sliding back to $420.00.

Important Resistance Levels

$480.00 and $500.00

Important Support Levels

$470.00 and $460.00

6-hour RSI

The RSI is just holding the 50 level.

6-hour MACD

The MACD moved back into the bearish 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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