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Ether Price Analysis
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ETH/USD Forecast: $245 Support Holds Key





Ether made a short-term top against the US Dollar, and recovered versus Bitcoin. ETH/USD managed to hold a crucial support at $245.00.

Key Highlights

The ETH/USD pair failed to completely test $270.00 and started a short-term downside correction.
It seems like the pair finished a 3-wave bullish pattern at $267.36 and may trade a few points lower.
The ETH/BTC pair traded higher by around 2% as Bitcoin price was under pressure recently.

Technically, the hourly chart indicators recovered well after hitting the oversold levels.

Ether Price Upside Hurdle

The ETH/USD pair extended yesterday’s correction pattern and was not able to test the $270.00 technical level. There was a failure near $264.00 and $263.00, igniting a downside move.

Ether Price Technical Analysis Chart

The pair fell sharply from the $264.00 swing high and even breached a major support at $250.00 to trade towards another significant hurdle for sellers at $245.00.

The stated support prevented losses as it did on many occasions earlier, and the recent low was just above $245.00. The price has recovered well, and moved above the 23.6% Fibonacci retracement level of the last drop from the $264.00 high to $245.00 low.

The current wave is encouraging with a close above $250.00. However, there is an important bearish trend line at $261.00, which is acting as a physiological barrier for buyers.

Ethereum ETH USD Forecast

The price is currently struggling to break the 76.4% Fibonacci retracement level of the last drop from the $264.00 high to $245.00 low. The last three hourly candles are bearish and suggest yet another downside ride towards $250.00.

Looking at the 4-hour chart of ETH/USD, there is a short-term breakout pattern forming with support at $248.00.  There is also a key bullish trend line on the downside at $249.00.

Overall, it seems like the support zone near $250.00 and $245.00 holds a lot of importance in the near term. As long as the price is above $245.00, it can challenge the $264.00 resistance once again.

Above $264.00, the recent high at $267.00 may be tested, followed by a major technical level at $270.00. Should there be a break below $245.00, the price could extend losses towards $220.00.

Important Resistance Levels

$264.00 and $267.00

Important Support Levels

$250.00 and $245.00

Hourly RSI

The RSI has recovered well and currently holding the 50 level.

Hourly MACD

The MACD is under a major divergence and suggesting mixed signals.

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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