RATE Group | Ethereum Price Forecast: Ether’s Recovery Faces Crucial Resistance
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Ethereum Price Forecast: Ether’s Recovery Faces Crucial Resistance

04 Aug Ethereum Price Forecast: Ether’s Recovery Faces Crucial Resistance

Posted at 00:31h in Ethereum News by

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Ether’s price is recovering positively against the US dollar and bitcoin. However, ETH/USD needs to clear the $415.00-420.00 resistance for more gains.

Key Highlights

Ether’s price traded to a new multi-month low at $397.79 and later recovered against the US dollar.

ETH/USD is facing a crucial resistance near $415.00 and two bearish trendlines on the 2-hour chart.

ETH/BTC climbed back above 0.0550BTC and is currently trading with a bullish angle.

Technically, the 2-hour chart indicators are recovering from the extreme oversold conditions.

Ether Price Analysis

ETH/USD failed to hold the June 30 low at $405.29 and traded below the $400.00 handle. The pair hit a new multi-month low at $397.79 before starting a rebound.

Similarly, ETH/BTC traded to a new weekly low and later recovered above 0.0550BTC. The pair is currently showing positive signs and it could continue to trade higher toward the 0.0570BTC level.

Ether Price Analysis Chart ETH

Starting with the 30-minute chart of ETH/USD, the pair formed a decent…

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