Ethereum Price Forecast : 27 Apr 2018

ethereum price chart

Current reports from the cryptocurrency market reveal that Ether’s price is trading above crucial support levels against the USD and bitcoin. Ethereum/USD is showing some signs of recovery after moving above the $620.00 mark. The crypto token is holding essential support at $600.00 against the USD after breaking a linking bearish trend line with firm resistance at $626.00 via the 30-minute chart. Bitcoin on the other hand also recovered after moving from the 0.0680 support region above to 0.0700. It is safe to say that the 12-hour indicators have stabilized in the bullish zone. Ethereum price forecast analysis provided below is provided as a technical guide and not an investment advice.

Can Ethereum/USD Bounce Back?

Remember that the importance or value of a daily close beyond the $600.00 support must not be overlooked. Ethereum/USD managed to hold that support. It is currently showing some signs of recovery.

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In similar fashion, the downsides in Ethereum and Bitcoin were held back by the 0.0680 support. The pair began a recent upward turn and moved back above 0.0700, which is also a positive sign. In order to  understand the state of the present price structure and how significant the $600.00 support is we will give a brief analysis of the Ethereum/USD 12-hour chart and highlight the findings below.

The chart shows that a key bullish trend line with the support of $610.00 is managing to hold declines effectively. Hence, as long as Ethereum continues to trade above-said trend line, it can resume and maintain its upward move near the $650.00 and $600.00 mark. The drawback here is that a break well below the trend line at $600.00 will likely take the price near the next support which stands at $520.00.

Moving to analyze the Ethereum/USD 30-minute chart, we find that the pair has formed sturdy support at $600.00. The pair has managed to recover several points breaking a bearish trend line and with a resistance of $626.00.


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