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.
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.