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ETH/USD Forecast: Downsides Remain Limited

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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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