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ETH/USD Forecast: Can Ether Break $750?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is holding ground against the US dollar and bitcoin. ETH/USD struggled to move above $750.00 but it remains supported above $700.00.

Key Highlights

Ether traded toward the $750.00 resistance recently against the US dollar but failed to retain momentum.
There was a test of a major support at $710.00 on the 30-minute chart of ETH/USD.
ETH/BTC is still below the 0.0400BTC resistance and is trading in a range.

Technically, the 2-hour chart indicators are moving nicely in the bullish territory.

Ether’s Price is Testing Crucial Support

It was a good start to the week as ETH/USD moved higher and it recently traded above the $725.00 resistance level, but it failed to move above the $750.00 resistance.

Ether Price Analysis Chart

Looking at the 30-minute chart of ETH/USD, there was a decent rally from the $682.25 low. The pair gained traction and moved above the $720.00 and $730.00 resistance levels. However, buyers faced a tough fight around the $750.00 resistance.

The price failed near a connecting resistance trendline at $748.90 on the 30-minute chart, and started a downside move. It declined below the 23.6 percent Fibonacci retracement level of the last wave from the $682.25 low to $748.90 high.

However, the downside move was protected by the $710.00 support and a bullish trendline on the same chart. ETH/USD is holding the $710.00 support and the 50 percent Fibonacci retracement level of the last wave from the $682.25 low to $748.90 high.

It seems like Ether’s price will most likely recover in the near term above $730.00. Above the stated $730.00, the price could head toward the all-important $750.00 resistance.

Ethereum Price ETH/USD Forecast

On the flip side, a break of the $710.00 and $700.00 support levels would increase the bearish pressure on Ether. The 2-hour chart of ETH/USD also suggests the significance of the $700.00 support and $750.00 resistance.

Therefore, the next major move could be either above $750.00 or below $700.00. Looking at the current technical indicators and market sentiment, it seems like Ether will most likely attempt an upside break above $750.00. 

Important Resistance Levels

$730.00 and $750.00

Important Support Levels

$710.00 and $700.00

2-hour RSI

The RSI is still well above the 50 level.

2-hour MACD

The MACD is showing positive signs 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

ETHNews is commited to its Editorial Policy

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