Ethereum Price Forecast: ETH/USD Could Retest $700

Ether’s price recovered with a positive bias against the US dollar and bitcoin. ETH/USD has likely completed a downward correction and its looking retest $700.00.

Key Highlights

Ether’s price bounced back sharply and broke a key resistance at $650.00 against the US dollar.

ETH/USD cleared a significant bearish trendline with resistance at $655.00 on the 2-hour chart.

ETH/BTC is extending gains and is currently positioned nicely to test 0.0750BTC.

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

ETH/USD Remains Supported

ETH/USD started a solid recovery from the $610.00 support and surpassed an important resistance at $650.00. It seems like the pair has completed a correction wave and is back in a bullish trend toward $700.00-710.00.

More importantly, there were further upsides in ETH/BTC. The pair broke the 0.0720BTC resistance level and it is likely heading toward the next hurdle at 0.0750BTC.

Ethereum Price ETH/USD Forecast

Looking at the 2-hour chart of ETH/USD, the pair consolidated around $610.00 for a few hours before starting a fresh upward wave. There was a sharp rise and the price cleared a major resistance at $650.00 and a significant bearish trendline at $655.00.

Additionally, the price climbed above the 61.8 percent Fibonacci retracement level of the last wave from the $711.49 high to $592.86 low. Ether buyers gained strength and the price traded as high as $685.71 recently.

The 30-minute chart of ETH/USD indicates that the pair found offers near $685.00 and is currently correcting lower. There is a key support at $665.00 and a bullish trendline on the same chart.

Ether Price Analysis Chart

Should there be a decline below $665.00, the next support is sitting at $640.00, but Ether’s current price action is bullish and indicating more gains toward $700.00 in the near term.

On the upside, an initial resistance sits at $685.00 seconded by $690.00 and then $700.00. A successful break above $700.00 may perhaps push the price to a new monthly high. Supports on the downside are at $665.00 and $640.00. 

Important Resistance Levels

$685.00 and $700.00

Important Support Levels

$665.00 and $640.00

2-hour RSI

The RSI is now above 60 and is heading toward 70.

2-hour MACD

The MACD is back with strength in the bullish zone.

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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