Key Highlights
The ETH/USD pair found support near a crucial support at $250.00-260.00 during yesterday’s slide.
The pair climbed higher from $260.00 and broke a bearish trend line at $325.00 on the hourly chart.
The ETH/BTC pair started gaining momentum above 0.140BTC, signaling a shift in the trend.

Technically, the 4-hour chart indicators are moving higher after correcting extreme overbought readings.

Ether Price Perfect Test of Crucial Support

Yesterday we saw the start of a correction wave in the ETH/USD pair. There was a sharp decline as the pair moved from the $400.00 mark down below the $320.00 and $300.00 important supports.

Ether Price Technical Analysis Chart

However, as highlighted in yesterday’s analysis the $260.00-250.00 support zone acted as a crucial barrier for sellers. It also acted as a perfect buy zone for buyers.

The price traded as low as $261.00 and started moving higher. The upside move was strong as the price easily moved above the 23.6% Fibonacci retracement level of the last decline from the $394.00 high to $261.00 low.

The best part was a break above a bearish trend line at $325.00 on the hourly chart of ETH/USD. The pair was able to move past the 50% Fibonacci retracement level of the last decline from the $394.00 high to $261.00 low.

It means the recent correction wave is complete, and the pair is back in the bullish zone. At the moment, buyers are attempting a break above a key resistance area at $350.00, which also represents the 61.8% Fibonacci retracement level of the last decline from the $394.00 high to $261.00 low.

Ethereum ETH USD Forecast

A break and close above $350.00-360.00 could open the doors for a move towards $380.00. On the downside, there is a bullish trend line with support at $330.00.

Moving on the to the 4-hour chart, there is a clear rejection from the $260.00-250.00 support areas. The last two candles are super bullish, signaling a sharp bounce back in Ether price.

To sum it up, ETH/USD held a crucial support at $250.00, which is a great signal that the medium to long term bullish trend is intact.

Important Resistance Levels

$360.00 and $380.00

Important Support Levels

$330.00 and $300.00

Hourly RSI

The RSI is heading higher towards the 65 level.

Hourly MACD

The MACD is back in the bullish zone and gaining momentum.
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

08-17-2017 ETH/USD Forecast: About to Explode?
06-17-2017 ETH/USD Forecast: Bullish Bias Intact
06-16-2017 ETH/USD Forecast: Ether Decline Likely Over
06-15-2017 ETH/USD Forecast: Much Needed Correction Underway
   

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