Key Highlights
The ETH/USD pair spiked above the $234.00 resistance to challenge $245.00-250.00.
A correction is underway from the $248.27 high towards $235.00-230.00.
The ETH/BTC pair is consolidating above 0.092BTC, and setting up for the next move.

Technically, the 30-min chart indicators are correcting overbought levels.

Ether Price Facing Resistance near $245.00-250.00

In yesterday’s monthly forecast of ETH/USD, we saw a contracting triangle pattern on the 2-hour chart with resistance at $234.00.

Ether Price Technical Analysis

The pair gained traction and was able to move above the triangle resistance at $234.00. It opened the doors for a test of another important resistance at $245.00-250.00.

A new all-time high was formed at $248.27 where the pair faced strong offers. The $245-250 area is a crucial Fibonacci extension zone, and a break above it won’t be easy. There were two attempts to clear the $248.27 level, but buyers failed to take advantage, resulting in a downside move.

ETH/USD started correcting lower, and moved below the 23.6% Fibonacci retracement level of the last wave from the $234.00 low to $248.00 high.

There is a declining channel pattern forming on 30-min chart with support at $240.00, which also coincides with the 50% Fibonacci retracement level of the last wave from the $234.00 low to $248.00 high.

If the pair surpasses the $240.00 support, it could result in further declines and possibly a retest of $234.00 (support 1). Below 234.00, the next significant supports are $232.00 and $230.00.

Ethereum ETH USD Forecast

Moving on to the 2-hour chart of ETH/USD, the pair clearly succeeded in breaking a major barrier at $230.00-235.00, which may now act as a support.

On the downside, there is a critical bullish trend line with support at $230.00. It seems like the current correction wave is likely to find support anywhere between $230.00-235.00.

Above $248.00 on the other hand, Ether price will likely accelerate its advance and rally up to $255.00-260.00 initially, possibly testing the $270.00 region next.

Important Resistance Levels

$248.00 and $260.00

Important Support Levels

$240.00 and $230.00

30-min RSI

The RSI is moving away from the overbought levels with no major bearish sign.

30-min MACD

The MACD is slowly reducing the bullish slope.
Disclaimer:
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.

Ether Technical Analysis

Today ETH/USD Forecast: Ether Consolidating Losses
06-06-2017 ETH/USD Forecast: Eyes Set on $270-275
06-05-2017 ETH/USD Forecast: Holds On To Gains, $230.00 Critical
06-04-2017 ETH/USD Monthly Forecast: $300 Case Study
   

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