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ETH/USD Forecast: Bullish Bias Intact

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether has started trading in a range against the US Dollar and Bitcoin. ETH/USD buyers need to overcome sellers at $360.00 to gain momentum.

Key Highlights

ETH/USD managed to close above the $340.00 level and started trading in a range.
A close above $360.00 could increase bullish pressure, resulting in further upsides.
ETH/BTC pair is stable and consolidating above 0.140BTC.

Technically, the 2-hour chart indicators are positioned near mid-lines and pointing range moves.

Ether Price Forming Range Pattern

After yesterday’s recovery, ETH/USD managed to settle above the $340.00 level. On the other hand, ETH/BTC pair is trading in a confined range above 0.140BTC and preparing for the next move.

Ether Price Technical Analysis Chart

When looking at the 30-min chart of ETH/USD, there are a few important points to note:

  1. The $340.00 level acted as a resistance on two occasions, but buyers finally succeeded in pushing the price above it.
  2. The same level ($340.00) is now acting as a support, and coincides with the 50% Fibonacci retracement level of the last wave from the $320.00 low to $358.00 high.
  3. There is a range pattern forming with support at $340.00 and resistance near $360.00.
  4. An Intraday support is at $320.00, which must remain intact for this week’s trend.

As long as Ether’s price is trading inside the highlighted range pattern, there should be limited action. Once there is a break and close above $360.00, buyers may attempt to gain momentum for a move towards $380.00 or higher.

Below $340.00, the price may move towards the next important support at $320.00. If we look at the 2-hour chart of ETH/USD, the pair is trading near a major pivot area. The $350.00-360.00 area acted as a support and resistance many times earlier.

Ethereum ETH USD Forecast

A close above $360.00 could be a defining moment for the current wave. The next major hurdle rests at $400.00. On the downside, the $320.00 and $300.00 supports can be considered as significant buy levels.

Overall, it seems like Ether price is ending the week hovering above a few key support levels, managing to successfully complete a much needed correction.

Important Resistance Levels

$360.00 and $380.00

Important Support Levels

$340.00 and $320.00

2-hour RSI

The RSI is hovering near the 50 level.

2-hour MACD

The MACD is about to move into the bullish zone.

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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