Ethereum Price Forecast: Ether Completed Downward Correction

Ether started a new upward wave against the US dollar. ETH/USD could continue to trade higher if it succeeds in breaking the $870.00 resistance.

Key Highlights

Ether likely completed a downward correction around the $840.00 level against the US dollar.

There was a break above a crucial channel resistance at $860.00 on the 2-hour chart ETH/USD.

ETH/BTC is currently consolidating losses near the 0.0750BTC level.

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

ETH/USD is Showing Positive Signs

ETH/USD recently initiated a downward correction. The pair traded below $850.00, but it found support just below $840.00 and recovered nicely.

On the flip side, ETH/BTC is trading in a bearish zone and is currently consolidating around the 0.0750BTC level. It must remain above the stated 0.0750BTC level to recover in the short term.

Ethereum Price ETH/USD Forecast

Looking at the 2-hour chart of ETH/USD, there was a five-wave structure that completed at $838.76. The pair then traded above the 23.6 percent Fibonacci retracement level of the last decline from the $894.91 high to $838.76 low.

More importantly, there was a break above a crucial channel resistance at $860.00 on the same chart, which suggests that the pair completed a downward correction at $838.76.

At the moment, Ether’s price is facing resistance around the 50 percent Fibonacci retracement level of the last decline from the $894.91 high to $838.76 low. It is currently trading in a range below the $865.00 and $870.00 resistance levels.

Ether Price Analysis Chart

Should there be a break above the $870.00 resistance, the price may perhaps retest the $890.00 level. Dropping down to the 30-minute chart of ETH/USD, there was a decent upward wave before the price started trading in a range.

A range pattern is forming with support at $860.00 and resistance at $870.00. A break on either side could trigger the next move. Above $870.00, Ether will most likely test $890.00. On the other hand, a failure to hold the $860.00 support may perhaps initiate a fresh downward trend toward $840.00.

Important Resistance Levels

$870.00 and $890.00

Important Support Levels

$860.00 and $840.00

2-hour RSI

The RSI is currently near 55 with flat signals.

2-hour MACD

The MACD moved back 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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