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ETH/USD Forecast: Holds On To Gains, $230.00 Critical

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether extended gains above $235.00 against the US Dollar, and 0.091BTC versus Bitcoin. ETH/USD is currently correcting lower, but remains supported.

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.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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