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





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. 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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