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ETH/USD Forecast: Ether Could Trade Higher

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is trading in the bullish zone against the US dollar while correcting lower versus bitcoin. ETH/USD is currently facing a major resistance at $750.00.

Key Highlights

Ether is trading with a positive tone above the $700.00 support against the US dollar.
There was a break above a bearish trendline at $690.00 on the 2-hour chart of ETH/USD.
ETH/BTC is once again below the 0.0500BTC level and is trading near the 0.0450BTC support.

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

Can ETH/USD Break Past $750?

There were further gains in ETH/USD above the $700.00 level. The pair traded above $750.00 but failed to gain momentum toward $800.00.

On the other hand, ETH/BTC failed to stay above the 0.0500BTC level and started a downside correction. The pair is currently trading near the 0.0450BTC support and is stable.

Ethereum Price ETH USD Forecast

Starting with the 2-hour chart of ETH/USD, there was a break above a key bearish trendline at $690.00. The pair is now placed nicely above the 50 percent Fibonacci retracement level of the last decline from the $843.62 high to $487.64 low.

However, the pair is struggling to move above the $750.00-755.00 resistance area. A successful close above the mentioned $755.00 resistance could clear the path for a push toward the $800.00 level.

Looking at the 30-minute chart of ETH/USD, the pair is clearly struggling to move above the $755.00 resistance. It has started a downside correction and is about to close below two bullish trendlines on the same chart at $740.00.

Ether Price Analysis Chart

The price will most likely correct further toward the $720.00 level, which is a nice support zone. Should there be a break below $720.00, there can be a test of the $700.00 level.

The overall market sentiment is positive, but Ether has to move above the $755.00 level to gain momentum toward $800.00. Above $800.00, ETH/USD will most likely test the $850.00 swing high. On the downside, the $720.00 and $700.00 levels are short-term supports.

Important Resistance Levels

$750.00 and $755.00

Important Support Levels

$720.00 and $700.00

2-hour RSI

The RSI has started retreating from the 65-70 levels.

2-hour MACD

The MACD is slowly losing momentum 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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