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Ether Price Analysis
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Is Ether's Price Forming a Short-term Top or Consolidation?





The price of Ether has started a downside correction against the US dollar and bitcoin. ETH/USD needs to recover above $720.00 to avoid further declines.

Key Highlights

After trading as high as $758.69, Ether started a downside move against the US dollar.
ETH/USD is attempting a downside break below a major bullish trendline with support at $680.00-700.00 on the 2-hour chart.
ETH/BTC is stable above 0.0400BTC but is showing a short-term top.

Technically, the 6-hour chart indicators are showing signs of trend exhaustion.

Ether Price Correction to be Limited?

We saw a solid upside move in ETH/USD recently as the pair moved above the $750.00 level and formed a new all-time high at $758.69 before starting a correction.

Ether Price Analysis Chart

ETH/BTC also moved nicely and is currently consolidating gains above the 0.0400BTC support. However, there are a few short-term topping signs from the 0.0450BTC level.

To understand the current price action from the $758.69 high, let’s start with the 2-hour chart of ETH/USD. The chart suggests that the pair is struggling to gain momentum above the $750.00 level.

It attempted an upside break on three occasions but failed. As a result, there was a downside reaction below the 23.6 percent Fibonacci retracement level of the last wave from the $600.00 swing low to $758.69 high.

At present, the pair is attempting a downside break below a major bullish trendline with support at $680.00-700.00. A 2-hour close below $680.00 and the 50 percent Fibonacci retracement level of the last wave from the $600.00 swing low to $758.69 high could be significant.

Ethereum Price ETH USD Forecast

In the mentioned scenario, Ether’s price will most likely extend declines toward the last swing low of $600.00. Moving up to the 6-hour chart, there are many signs of trend exhaustion above $750.00. The pair is currently consolidating with a few signs of a short-term top.

On the flip side, should ETH/USD bounce back and move above $720.00, it could avert any further declines in the near term. The overall medium term is bullish, but there may be pullbacks toward $650.00 or even $600.00 if Ether’s price closes below $680.00.

Important Resistance Levels

$720.00 and $750.00

Important Support Levels

$680.00 and $650.00

6-hour RSI

The RSI is slowly moving down toward the 50-55 levels.

6-hour MACD

The MACD is 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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