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ETH/USD Forecast: Ether Decline Likely Over

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether completed yesterday’s correction against the US Dollar and Bitcoin. ETH/USD is back above $320.00 and moving nicely in the bullish zone.

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.

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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