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Ether Price Analysis
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ETH/USD Forecast: Ether Struggling to Surpass $750





Ether started a downside correction against the US Dollar while remaining stable versus bitcoin. ETH/USD is approaching a major support that must protect declines.

Key Highlights

Ether’s price failed to move above the $750.00 resistance and started declining against the US Dollar.
There was a break below a key ascending channel with support at $722.00 on the hourly chart of ETH/USD.
ETH/BTC is stable above the 0.0500BTC support which is a positive sign.

Technically, the 4-hour chart indicators are moving lower in the bullish territory.

Ether’s Price to Correct Further?

Yesterday, we discussed the $750.00 resistance. ETH/USD failed to move above the stated $750.00 resistance and started a downside correction.

On the flip side, ETH/BTC is holding the 0.0500BTC support. The pair has to stay above the mentioned level to gain traction toward the 0.0550BTC level.

Ether Price Analysis Chart

Looking at the hourly chart of ETH/USD, there are a few short-term bearish signs. First, there was a break below a key ascending channel with support at $722.00. Second, the last 4-5 candles point to increase in selling pressure. Lastly, the pair has moved below the 50 percent Fibonacci retracement level of the last wave from the $670.94 low to $754.85 high.

The pair is currently below the $700.00 level and remains at a risk of further downsides toward the next major support at $670.00-675.00.

The 4-hour chart of ETH/USD suggests that the pair failed to break an important bearish trendline with current resistance at $750.00. On the downside, there is a connecting bullish trendline at $650.00. However, there is a key support at $600.00 that will most likely prevent further declines in the near term.

Ethereum ETH USD Forecast

It seems like Ether’s price would continue to trade in a range of $650.00 and $750.00 in the short term. A successful 4-hour close on either side could open the doors for the next major wave either above $800.00 or below $600.00.

In the short term, ETH/USD could bounce back after testing the $670.00-675.00 support region.

Important Resistance Levels

$720.00 and $750.00

Important Support Levels

$675.00 and $650.00

Hourly RSI

The RSI is currently below 45 and is heading south.

Hourly MACD

The MACD has moved away from the bullish to bearish 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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