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.
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.
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.