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

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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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