Ethereum Price Forecast: ETH is Consolidating Its Losses

The week long price recovery for Ether was capped against Bitcoin and the USD and it may retest $700 soon.

After Ether tested the crucial $700.00 support zone, it started to trade upward until it crossed the $750.00 level and was capped at $775.00.

Also, the Ether to Bitcoin pair had a minor recovery of 0.0755BTC but seemed to be struggling to get to the pivot level of 0.0800BTC.

Price Forecast for the Ether to USD Pair

Based on the 2 hour price chart, the pair bounced back after it was pushed off from the support level of $700.00. It went above the 38.2% Fib retracement level from $833.91 to a low of $694.19.

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The move upward was capped at $775.00 and the price seemed to have finished the correction attempt from $694.19.

From the 30-minute Ether to USD chart, there is bearish structure below $750.00 although it is a short term structure. The pair had initially pierced the support level of $740.00 and the 50% Fib retracement level.

Currently, Ether is staying at $720 as it prevents further losses. However, there are still signals of a decline coming soon. On the plus side, there is no connection between the bearish trendline and the $745.00 resistance.

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If Ether is able to close successfully at $745.00, it may pave a way for more gains and may go as high as $770.00 and $800.00. The static support rests at $700.00 which is relatively strong.

Despite the losses recorded, Ether still has a positive technical structure overall. Although there is yet to be any bullish break above $750.00 and this is necessary for accelerated gains.

The significant resistance levels for Ethereum are $745 and $750 while the significant support levels are $720 and $700.

Hopefully, Ether will be able to bounce back soon and continue on the upward correction rally.

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