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Ethereum Price Forecast: Can Ether Hold Ground?

By

Aayush

Jindal

Guest AnalystETHNews.com

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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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.