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ETH/USD Forecast: $500 Support Proved Crucial for Ether, Spurring A Major Comeback





Ether made a U-turn from the $500.00 support against the US Dollar. ETH/USD is currently back above $600.00 and is showing a lot of recovering signs.

Key Highlights

After a sharp decline Ether found strong buying interest around the $500.00 level against the US Dollar.
There is a crucial bullish trendline forming with support at $540.00 on the 6-hour chart of ETH/USD.
ETH/BTC also completed a short-term correction and is currently holding the 0.0500BTC support.

Technically, the 6-hour chart indicators are back in bullish territory.

ETH/USD Bounces Back Sharply

We saw a major downside move in ETH/USD recently as it tumbled below the $700.00 and $600.00 support levels. However, the downside move was protected by the $500.00 support, which acted as a strong barrier for sellers.

Similarly, ETH/BTC also corrected lower below the 0.0500BTC support. The pair is now stable and is holding the 0.0450BTC support level.

Ethereum Price ETH/USD Forecast

Looking at the 6-hour chart of ETH/USD, there was a break below a crucial ascending channel support at $780.00. The pair dropped sharply and moved below the $700.00 and $600.00 support levels.

On a positive note, a key bullish trendline with current support at $540.00 is still valid. Moreover, the $500.00 support zone acted as a strong buy zone and prevented further declines. The pair is now moving higher and it is currently trading above the $650.00 level.

The current price action is positive above the 38.2 percent Fibonacci retracement level of the last decline from the $867.75 high to $487.64 low. However, the $700 level is currently acting as a resistance.

Moreover, Ether’s price is struggling to close above the 50 percent Fibonacci retracement level of the last decline from the $867.75 high to $487.64 low.

Ether Price Analysis Chart

A successful close above the $700.00 pivot followed by a break of the $720.00 resistance is needed for a trend change in favor of buyers. Dropping down to the 2-hour chart of ETH/USD, the pair is showing numerous positive signs from the $487.64 swing low.

To sum up, Ether was rejected from the $500.00 support and is currently trading with a bullish bias versus the US Dollar and bitcoin. 

Important Resistance Levels

$700.00 and $720.00

Important Support Levels

$600.00 and $540.00

2-hour RSI

The RSI is above the 50 level and is heading north.

2-hour MACD

The MACD is now gaining pace 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. 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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