Ethereum Price Forecast: Ether Could Bounce Back

Ether’s price is correcting lower against the US dollar and bitcoin. ETH/USD must hold the $585.00 and $580.00 support levels to bounce back.

Key Highlights

Ether’s price tested an important resistance near $625.00 against the US dollar.

ETH/USD is correcting lower toward a key bullish trendline with support at $585.00 on the 2-hour chart.

ETH/BTC tested the 0.0800BTC resistance and is currently consolidating gains.

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

Ether Price Analysis

Yesterday, we discussed an important bearish trendline with resistance near $625.00 on the 12-hour chart of ETH/USD. The pair climbed above the $600.00 psychological level, but it struggled to break the trendline resistance and formed a short-term top at $628.21.

Similarly, there were decent gains in ETH/BTC above the 0.0780BTC level. The pair tested the 0.0800BTC resistance and is currently consolidating gains above 0.0780BTC.

Ether Price Analysis Chart

Looking at the 30-minute chart of ETH/USD, there was a sharp upside move above the $600.00 resistance. The price traded above the $625.00 level, but it failed to hold gains. A new monthly high was formed at $628.21 before the price started a downward correction.

Ether declined and broke a connecting bullish trendline at $618.00 and a horizontal support at $610.00. It also traded below the 50 percent Fibonacci retracement level of the last wave from the $590.25 low to $628.21 high.

The price is currently trading below $600.00 with an immediate resistance at $605.00 and a bearish trendline. Above this, the broken horizontal support at $610.00 could prevent upsides.

Ethereum Price Analysis ETH/USD Forecast

Moving up to the 2-hour chart of ETH/USD, the pair is approaching a crucial support area near $580.00. There is also a major bullish trendline with support at $585.00 on the same chart.

Therefore, any further declines toward $585.00 and $580.00 are likely to face a strong buying interest. Should Ether’s price fail to hold $580.00, there could be sharp declines toward $550.00.

On the flip side, ETH/USD is facing resistances near $605.00, $610.00, and $625.00. A successful close above $625.00 will most likely open the doors for a push toward the next barrier at $640.00.

Important Resistance Levels

$610.00 and $625.00

Important Support Levels

$585.00 and $580.00

2-hour RSI

The RSI is moving lower toward the 55 level.

2-hour MACD

The MACD is currently reducing its bullish slope.

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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