Ethereum Price Forecast: Ether Could Consolidate In Short Term $ETH

Ether is trading with a positive bias against the US dollar and bitcoin. ETH/USD may consolidate gains in the short term before its next move.

Key Highlights

Ether’s price started a short-term correction from the $529.01 high against the US dollar.

There is a major support formed near $480.00 and a bullish trendline at $495.00 on the hourly chart of ETH/USD.

ETH/BTC is stable above the 0.0620BTC support with positive signs.

Technically, the hourly chart indicators are positioned nicely in the bullish territory.

ETH/USD Remains Supported

Yesterday, we saw a solid rise in ETH/USD above the $500.00 barrier. A new monthly high was formed at $529.01 before the pair started a short-term downward correction.

ETH/BTC remained in a bullish trajectory and is currently positioned nicely above the 0.0620BTC support. On the upside, the next resistance awaits at 0.0650BTC.

Ether Price Analysis Chart

Looking at the hourly chart of ETH/USD, there was a short-term top formed at $529.01. The pair corrected lower and moved below the 23.6 percent Fibonacci retracement level of the last wave from the $452.41 low to $529.01 high.

The price even traded below the $500.00 level, but the decline was protected by the $480.00 support region. Moreover, the 50 percent Fibonacci retracement level of the last wave from the $452.41 low to $529.01 high was also defended by Ether buyers.

As a result, the price started a fresh upward wave and moved back above $500.00. However, it seems like the current correction phase is not over and the price could decline once again. An initial support is near a bullish trendline on the same chart at $495.00.

Ethereum Price ETH/USD Forecast

Below the mentioned $495.00, there is a crucial support around $480.00. Any further losses may well be limited by a bullish trendline on the 6-hour chart with support at $440.00. To the downside, the most significant support sits at $420.00.

In the short term, Ether’s price could consolidate with swing moves toward the $480.00 and $440.00 support levels.

Important Resistance Levels

$525.00 and $530.00

Important Support Levels

$495.00 and $480.00

Hourly RSI

The RSI is moving lower toward the 50 level.

Hourly MACD

The MACD is slowly losing momentum 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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