Ethereum Price Forecast: Ether To Remain Consolidated

Ether is holding important supports against the US dollar and bitcoin. ETH/USD could fortify in the short term before the next move toward $420.00.

Key Highlights

Ether’s price found support around $390.00 and recovered marginally against the US dollar.

ETH/USD is currently trading above a major bullish trendline with support at $392.00 on the 2-hour chart.

ETH/BTC is approaching the next major resistance at 0.0600BTC.

Technically, the 2-hour chart indicators are back in the bullish territory with a few positive signs.

ETH/USD Could Slowly Move Higher

Yesterday, we saw how ETH/USD trimmed almost all gains and traded below $405.00. The pair declined further, but the $390.00 area acted as a strong support.

On the contrary, there were further gains in ETH/BTC, and the pair now seems to be approaching the next major resistance at 0.0600BTC. There are supports at 0.0580BTC and 0.0550BTC.

Ether Price Analysis Chart

Looking at the 2-hour chart of ETH/USD, the pair declined sharply from the $431.33 high. However, the $390.00 area prevented further losses, resulting in the start of a consolidation phase.

The price is currently consolidating above the $390.00 support with a bullish angle, and is following a major bullish trendline with support at $392.00. There is a key support forming above the $390.00 level, which could result in an ascending wave during the upcoming sessions.

On the other hand, if Ether sellers succeed in pushing the price below $390.00, then the next stop may perhaps be $365.00. Moving up to the 6-hour chart, it seems like ETH/USD is consolidating above the $365.00 support, but the broken support at $405.00 will most likely act as a resistance.

Ethereum Price ETH/USD Forecast

The most important resistance sits around $420.00 and a bearish trendline on the same chart. If ETH/USD buyers can break through $420.00, the pair may possibly head toward $450.00 before eventually testing the $500.00 handle.

On the downside, $390.00 now becomes an immediate support. If cleared, it could drag Ether back toward challenging the $365.00 support.

Important Resistance Levels

$405.00 and $420.00

Important Support Levels

$390.00 and $365.00

2-hour RSI

The RSI is currently flat near the 50 level.

2-hour MACD

The MACD is slowly moving 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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