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Ethereum Forecast: ETH/USD Bottom in Place, What’s Next?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is forming a short-term bottom against the US dollar and bitcoin. ETH/USD is back in the bullish zone and is trading with a positive bias.

Key Highlights

Ether started a sharp upside recovery from the $405.00 support and moved above $430.00 against the US dollar.
ETH/USD cleared a major bearish trendline with resistance at $424.00 on the 2-hour chart.
ETH/BTC also recovered from the 0.0240BTC support and is showing positive signs.

Technically, the 2-hour chart indicators are back above their midlines in the bullish territory.

ETH/USD Recovery Looks Real

Yesterday, we discussed how ETH/USD was holding ground above the $400.00-405.00 support area. Later, the pair started an upside recovery and was able to move above the $430.00 and $440.00 resistance levels.

Ether Price Analysis Chart

More importantly, ETH/BTC found strong buying interest near 0.0240BTC and started an upside move towards 0.030BTC. However, it needs to break the 0.030BTC resistance to overcome selling pressure.

Starting with the 2-hour chart of ETH/USD, there was a brief consolidation above the $400.00 support. The pair formed a base and started an upside move with a break of a major bearish trendline with resistance at $424.00.

Ether also succeeded in breaking the 50 percent Fibonacci retracement level of the last decline from the $481.24 high to $406.96 low. These are positive signs, but buyers are facing many hurdles on the upsides such as $450.00 and $470.00.

Furthermore, the 61.8 percent Fibonacci retracement level of the last decline from the $481.24 high to $406.96 low is around $452.00.

Ethereum Price ETH USD Forecast

Looking at the 6-hour chart of ETH/USD, the pair is forming a bullish pattern from the $400.00-405.00 support region. Should the current momentum remain intact and the price break $450.00, there could be an upside drift toward the range resistance at $475.00-480.00.

Overall, the price action is bullish according to the 6-hour chart, as ETH/USD surpassed its 20 SMA. There can be a minor pullback from the $450.00 resistance, but as long as the $405.00 support is intact Ether’s price will most likely gain further.

Important Resistance Levels

$450.00 and $470.00

Important Support Levels

$424.00 and $405.00

6-hour RSI

The RSI is heading north and is approaching the 50 level.

6-hour MACD

The MACD has moved from the bearish to 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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