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ETH/USD Forecast: $245 Support Holds Key

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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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