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ETH/USD Forecast: Can Ether's Price Bounce Back?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is currently stable after correcting lower against the US dollar and bitcoin. ETH/USD must stay above $610.00 to regain the $700.00 handle.

Key Highlights

Ether corrected by more than $100.00 from the $758.69 high against the US dollar.
ETH/USD found support around $610.00 and a major bullish trendline on the 4-hour chart.
ETH/BTC failed to hold the 0.0400BTC support and is showing a few bearish signs.

Technically, the 4-hour chart indicators are currently near their midlines in the bullish territory.

Is Ether's Price Correction Over?

Yesterday, a correction wave was initiated in ETH/USD as the pair moved below the $720.00 and $700.00 support levels. The pair failed to hold the $680.00 support level and traded toward $600.00.

Ethereum Price ETH USD Forecast

Similarly, ETH/BTC faced selling pressure and was not able to hold the 0.0400BTC support. The current price action is negative since bitcoin's price has started a new uptrend, and it looks poised for further upsides versus the US dollar.

Let’s start with the 4-hour chart of ETH/USD, which suggests that the pair faced a strong selling interest around $750.00 and moved down sharply. The pair declined below the 23.6 percent Fibonacci retracement level of the last leg from the $406.94 low to $758.69 high.

However, the downside move was protected by a major bullish trendline with current support at $630.00. It seems like Ether buyers succeeded in defending further losses below $610.00. The price tested the 38.2 percent Fibonacci retracement level of the last leg from the $406.94 low to $758.69 high and recovered.

Below the trendline support and $610.00, the next crucial support is near $500.00. Dropping down to the hourly chart of ETH/USD, the pair is showing positive signs of a recovery above $650.00.

Ether Price Analysis Chart

There was a break above a bearish trendline at $650.00, which has cleared the path for further gains in the near term. On the upside, Ether’s price is facing a key resistance at $700.00. A successful close above $700.00 will most likely push the price toward $750.00.

Overall, there are many signs which suggest that a correction from $758.69 is over in ETH/USD. However, the pair needs to move above $700.00 to gain bullish traction.

Important Resistance Levels

$700.00 and $720.00

Important Support Levels

$650.00 and $625.00

Hourly RSI

The RSI has moved above the 50 level and is heading higher.

Hourly MACD

The MACD is now back 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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