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Ether Price Analysis
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ETH/USD Forecast: Downsides Remain Limited





Ether is under a minor correction mode against the US dollar but is moving higher versus bitcoin. ETH/USD will most likely find bids on the downside.

Key Highlights

Ether is in a short-term downtrend as it recently broke the $730.00 support against the US dollar.
There is a connecting bullish trendline forming with support at $670.00 on the 6-hour chart of ETH/USD.
ETH/BTC continues to grind higher toward the all-important 0.0500BTC resistance.

Technically, the 2-hour chart indicators are showing a few bearish signs.

Can Ether’s Price Recover above $730?

It seems like ETH/USD failed to gain momentum above the $765.00 level. As a result, a downside wave was initiated and the pair moved below the $730.00 support.

On the other hand, ETH/BTC remains well supported for more upsides and is currently moving higher toward the all-important 0.0500BTC resistance.

Ether Price Analysis Chart

The 2-hour chart of ETH/USD clearly suggests that the pair struggled to break the $765.00 and $770.00 resistance levels. A short-term downside correction was initiated and the price moved below a bullish trendline with support at $730.00.

The price also traded below the $700.00 support and the 23.6 percent Fibonacci retracement level of the last upside wave from the $487.64 low to $765.55 high. It has opened the doors for more losses and the pair remains at a risk of further losses in the near term toward $670.00.

ETH/USD remains supported on the downside near a connecting bullish trendline at $670.00 on the 6-hour chart. The trendline support at $670.00 will most likely prevent further declines. Below $670.00, the next major support on the downside sits at $620.00.

Ethereum Price ETH USD Chart

It seems like the pair is currently in the third wave from the $867.75 swing high, which could complete anywhere between $700.00 and $620.00.

As soon as the mentioned third wave is over, Ether’s price will most likely resume its rise back above $730.00. Past this resistance, ETH/USD has to break $765.00 to gain further momentum.

Important Resistance Levels

$730.00 and $765.00

Important Support Levels

$670.00 and $620.00

6-hour RSI

The RSI is moving lower and it seems like it may break the neutral 50 level.

6-hour MACD

The MACD is currently showing signs of weakness.

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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