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

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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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