Ethereum Price Forecast: Ether’s Recovery Faces Crucial Resistance

Ether’s price is recovering positively against the US dollar and bitcoin. However, ETH/USD needs to clear the $415.00-420.00 resistance for more gains.

Key Highlights

Ether’s price traded to a new multi-month low at $397.79 and later recovered against the US dollar.

ETH/USD is facing a crucial resistance near $415.00 and two bearish trendlines on the 2-hour chart.

ETH/BTC climbed back above 0.0550BTC and is currently trading with a bullish angle.

Technically, the 2-hour chart indicators are recovering from the extreme oversold conditions.

Ether Price Analysis

ETH/USD failed to hold the June 30 low at $405.29 and traded below the $400.00 handle. The pair hit a new multi-month low at $397.79 before starting a rebound.

Similarly, ETH/BTC traded to a new weekly low and later recovered above 0.0550BTC. The pair is currently showing positive signs and it could continue to trade higher toward the 0.0570BTC level.

Ether Price Analysis Chart ETH

Starting with the 30-minute chart of ETH/USD, the pair formed a decent support at $397.79. Later, the price began climbing again and broke the $400.00 and $405.00 resistance levels. Ether buyers gained traction, resulting in a push above the $409.00 resistance and two bearish trendlines on the same chart.

The price also broke the 50 percent Fibonacci retracement level of the recent decline from the $426.65 high to $397.79 low. It seems like the price could keep rising toward the next resistance at $415.00.

However, the 2-hour chart indicates that there is a strong resistance formed near $415.00 and two bearish trendlines. Should Ether’s price surpass this, the next resistance is near the 76.4 percent Fibonacci retracement level of the recent decline at $420.0.

Ethereum Price Forecast ETH

An immediate support is $409.00 (the previous resistance). The most important support is $400.00, and a daily close above this is needed for Ether to recover further. If not, the price may possibly break the recent low at $397.79 and extend declines.

The short-term price action is positive, but ETH/USD must clear the $415.00 and $420.00 resistances to solidify a larger recovery.

Important Resistance Levels

$415.00 and $420.00

Important Support Levels

$409.00 and $400.00

2-hour RSI

The RSI is correcting higher from the 20 level and is currently near 30.

2-hour MACD

The MACD is slowly reducing its bearish slope.

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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