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ETH/USD Forecast: Ether Price Flying Toward $650

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether jumped sharply against the US dollar and bitcoin. ETH/USD is poised to rise further toward $650.00 and $700.00 levels.

Key Highlights

Ether surged higher by more than 25 percent and traded above $600.00 against the US dollar.
There is a crucial support base forming around $500.00 on the 2-hour chart of ETH/USD.
ETH/BTC also gained a solid bullish momentum and was able to surpass the 0.0300BTC resistance.

Technically, the 30-minute chart indicators are near the extreme overbought levels.

Ether Price to Continue Rising

The past three sessions were amazing for Ether as ETH/USD jumped higher by more than 25 percent to trade to a new all-time high above $600.00.

Ether Price Analysis Chart

More importantly, there was a sharp bounce in ETH/BTC and the pair was able to break the 0.0300BTC resistance. The current upside move is very strong and it seems like the pair might continue rising toward 0.0400BTC.

Looking at the 30-minute chart of ETH/USD, the current price action is super bullish and suggests that the pair will most likely trade above $625.00 in the near term.

During the recent upside move, there was a break above a short-term bearish trendline at $530.00, which ignited a sharp rally toward $580.00. On the downside, there is a connecting bullish trendline forming with support at $528.00-530.00.

Should the price correct lower from the current or higher levels, it could find support around $540.00 or $530.00. Moving on to the 2-hour chart of ETH/USD, it seems like Ether’s price is forming a solid support base above $500.00.

Ethereum Price ETH USD Chart

The price is in a major uptrend and it will most likely continue rising. The next stop could be at $650.00 or even $700.00. Any further upsides could open the doors for a push toward the $800.00 level, which is a key extension level.

To sum up, Ether buyers are in full control and both major pairs ETH/USD and ETH/BTC would continue to gain handsomely in the near term.

2-hour RSI

The RSI is around the overbought levels with no sign of a downside correction.

Important Resistance Levels

$650.00 and $700.00

Important Support Levels

$530.00 and $500.00

2-hour MACD

The MACD is gaining momentum 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, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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