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Ether Price Analysis
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Ethereum Price Forecast: Can Ether Hold Ground?





Ether is testing an important support against the US dollar at $365.00. If ETH/USD can hold this support, it may start a fresh recovery in the near term.

Key Highlights

Ether’s price declined further and tested an important range support near $365.00 against the US dollar.
A key range with support at $365.00 and resistance near $420.00 is intact on the 2-hour chart of ETH/USD.
ETH/BTC is showing a few positive signs but it must gain momentum toward 0.0580BTC.

Technically, the 2-hour chart indicators are placed with a slightly negative angle in the bearish territory.

Could ETH/USD Bounce Toward $400?

There were further losses in ETH/USD as the pair failed to stay above the $381.00 support. It traded lower and tested an important support area near $365.00, which held declines.

On the other hand, there are a few bullish signs emerging on shorter timeframe charts of ETH/BTC, though the pair has to gain pace toward the 0.0580BTC level to confirm a positive bias.

Ethereum Price ETH/USD Forecast

On the 2-hour chart of ETH/USD, the pair tested a crucial support around $365.00, which it held before starting an upward correction. It tested the 23.6 Fibonacci retracement level of the last drop from the $319.38 high to $367.26 low.

However, there are many hurdles ahead, beginning with $385.00 on the 30-minute chart. Above $385.00, the next resistance is close to the 50 Fibonacci retracement level of the last drop from the $419.38 high to $367.26 low at $394.00.

A successful close above the $394.00 resistance could clear the path toward the range resistance at $420.00, but $400.00 might be an intermediate psychological hurdle for Ether buyers.

Ether Price Analysis Chart

On the flip side, a rejection from the $394.00 resistance may perhaps increase bearish pressure on ETH/USD, which would most likely retest the $365.00 support.

Overall, the $360.00-365.00 support zone holds a lot of importance and Ether’s price must stay above it to overcome the current bearish pressure.

Important Resistance Levels

$394.00 and $420.00

Important Support Levels

$365.00 and $360.00

2-hour RSI

The RSI is slowly rising toward the 40 level.

2-hour MACD

The MACD is placed in the bearish zone.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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