Home Ethereum News Ethereum Price Forecast: Ether Bullish Above $515

Ethereum Price Forecast: Ether Bullish Above $515

5 min read
0
126

Ether is consolidating above a key support against the US dollar. ETH/USD may continue to trade in range before making the next move.

Key Highlights

Ether’s price is forming a range pattern with support at $515.00 and resistance near $500.00 against the US dollar.

There is an important bearish trendline in place with resistance at $545.00 on the 2-hour chart of ETH/USD.

ETH/BTC is under a lot of pressure with a crucial support at 0.0600BTC.

Technically, the 2-hour chart indicators are moving to and fro around the midlines in the bearish territory.

ETH/USD is Facing a Tough Challenge

After gaining some ground on Monday, ETH/USD failed to move above a major resistance at $550.00. The pair is currently consolidating and trading in a range above the $515.00 support.

ETH/BTC remains in a bearish zone but is holding the 0.0600BTC support level. Above, there are several resistances: 0.0650BTC, 0.0680BTC, and 0.0700BTC.

Ether Price Analysis Chart

Looking at the 30-minute chart of ETH/USD, the pair struggled to break the $550.00 resistance. As a result, there was a downward correction below $530.00. However, the decline was protected by the $515.00 level on two occasions, and it seems like there is a decent support forming.

$550.00 and $555.00 are crucial hurdles for more gains in the near term. In the short term, Ether’s price may trade in the $515.00-550.00 range before it makes the next move.

Moving up to the 2-hour chart of ETH/USD, an important bearish trendline with resistance at $545.00 is acting as a major barrier for Ether buyers. A successful 2-hour close above $545.00 and $550.00 could trigger further gains toward $600.00.

Ethereum Price ETH/USD Forecast

An intermediate resistance is the 61.8 percent Fibonacci retracement level of the last decline from the $626.18 high to $454.86 at $560.00.

Considering the current price action and technical structure, the price could move higher toward $600.00 if it holds $515.00.

Important Resistance Levels

$545.00 and $550.00

Important Support Levels

$515.00 and $500.00

2-hour RSI

The RSI is currently just below the 50 level.

2-hour MACD

The MACD is flat in the bearish 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

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.

Disclaimer

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

Cryptic crypto: What’s an ICO, altcoin and 51% assault?

Whereas “cryptic” is actually associated to the world of blockchain and crypto…