ETH/USD Forecast: Tight Range above $340
|ETH/USD traded in a tiny range above the $340.00 support with a slightly bullish tone.|
|There is a connecting bearish trend line forming with resistance at $370.00 on the 2-hour chart.|
|ETH/BTC traded below the 0.140 BTC support, but downsides were limited.|
The 2-hour chart indicators are mostly flat with limited moves in the bullish territory.
Ether Price Holding Key Supports
ETH/USD traded in a tight range during the past 24 hours with support at $350.00 and resistance near $360.00-365.00. On the other hand, ETH/BTC moved down by a few points and traded below the 0.140 BTC support.
However, the downside move was limited and the market sentiment for Ether is still positive. Looking at the 30-minute chart of ETH/USD, the pair moved higher from the $347.00 low towards $365.00.
During the upside move, the pair followed a decent bullish trendline and broke the $360.00 resistance. It faced sellers near $365.00 and after a couple of failed attempts, the pair traded lower.
It recently broke the bullish trendline at $362.00, which may ignite a downside reaction back towards the current range support of $350.00. An initial support sits at $360.00, followed by the 50 percent Fib retracement level of the last wave from the $347.00 low to $364.00 high at $355.00.
Moving on to the 2-hour chart of ETH/USD, it seems like a connecting bearish trendline is forming with resistance at $370.00.
On the downside, there are crucial supports at $350.00 and $340.00 followed by $320.00. In the short term, the $340.00 support might play a significant role.
Only a sustained breach above the $370.00 level would revive bullishness and extend recent upmove from $261.00 low. Overall, the risk is towards the upside for ETH/USD, as seen in the 2-hour chart, an early decline was quickly rejected by the $340.00 support.