Ethereum Price Forecast: The Price of Ether is at a Crossroad 

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The price of Ether is currently at an important intersection against the USD but is still bullish against Bitcoin.

The Ethereum to USD pair is trading above $700 and will recover toward $750 soon. It is holding a significant support level of $640. While the ETH/BTC pair is trading above the pivot level of 0.0800BTC.

Ether May Bounce Back Against the USD

Over the past week, ETH/USD had a significant U-turn from the $800 handle declining and settling at the $700 support level moving to a bearish territory.

On the plus side, Ether has been trading in a bullish zone toward Bitcoin above 0.0800BTC. Even though the pair experienced a downward correction, buyers were successful in defending the losses above 0.0750BTC. ETH/BTC is currently trading on a support level above 0.0800BTC and 0.0780BTC.

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Daily Price Analysis For Ether

If you consider the daily chart for the Ether to USD pair, you’ll see that there was rejection at $800. There was a decline of over $100 pushing the pair to reach a daily close of a significant support level at $700.

As the decline occurred, there was a bullish trendline break with a $725 support level. The pair traded below the 23.6% Fib retracement level from the $359.33 drop to the $833.91 rise.

The downward move was, however, protected by the $640 support level. The price formed a low at $638 before it resumed an upward price correction again.

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Weekly Analyze for Ether

From the downside, there is significant support of $638.63. If a break closes below $640, Ether may test another important resistance support of $600.

In summary, the price of Ether may face a barrier around $700 during this current price recovery attempt. It might experience ranging moves above the $640 mark before it takes another move either above $700 or moves toward $600.

The next few trading sessions will reveal Ether’s fate.

 


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