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.
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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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