Home Ethereum Ethereum Price Forecast: Chance Of Ether Bounce Grows

Ethereum Price Forecast: Chance Of Ether Bounce Grows

5 min read

Ether’s price is recovering nicely against the US dollar and bitcoin. ETH/USD could accelerate gains if it moves past $470.00.

Key Highlights

Ether’s price extended declines and broke a key support at $450.00 against the US dollar.

ETH/USD is recovering with a break above a declining channel on the hourly chart at $455.00.

ETH/BTC traded close to the 0.0600BTC support and bounced back.

Technically, the hourly chart indicators are recovering higher in the bearish territory.

Ether Price Analysis

ETH/USD failed to hold a key support at $450.00-452.00 and declined toward the $440.00 level. The pair traded as low as $440.85 before Ether sellers lost control.

Similarly, there was a sharp decline in ETH/BTC toward the 0.0600BTC support and a low was formed near 0.0604BTC. Later, the pair recovered and moved above the 0.0620BTC resistance.

Ether Price Analysis ETH Chart

The hourly chart of ETH/USD indicates that the pair was in a significant downtrend from well above $500.00. The pair followed a declining channel and traded as low as $440.85. Later, a strong buying interest emerged near $440.00, resulting in a decent recovery above the $450.00 pivot level.

Ether’s price broke the channel resistance at $455.00 to move into a short-term bullish zone. The next resistance awaits near $470.00 and the 38.2 Fibonacci retracement level of the recent drop from the $515.09 high to $440.85 low.

To recover further, the price must move above the $480.00 resistance and the 50 Fibonacci retracement level of the recent drop. Conversely, a failure to break the $470.00 and $480.00 resistances could push the price back toward $450.00.

Ethereum Price Forecast ETH

The 6-hour chart of ETH/USD suggests that the $450.00 support region is a significant barrier, below which the next key support sits at $425.00.

During the recent drop, the price broke a major bullish trendline with support at $460.00, indicating a bearish bias. However, if Ether continues to stay above $450.00, it could start a fresh upward wave. More importantly, should there be a recovery in ETH/BTC above 0.0650BTC, it may help move ETH/USD above $480.00.

Important Resistance Levels

$470.00 and $480.00

Important Support Levels

$450.00 and $425.00

Hourly RSI

The RSI is slowly moving higher toward the 45-50 levels.

Hourly MACD

The MACD is 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.

ETHNews is commited to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Ether Price, Ether Price Chart and Ethereum Analysis News.


The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Let’s block ads! (Why?)

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Cardano, Dogecoin & Ripple — Asian Wrap 15 Apr

Cardano Value Prediction: ADA resets earlier than the following leg as much as new all-tim…