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Ether Price Analysis
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ETH/USD Forecast: Tight Range above $340





Ether is trading in a confined range against the US dollar and bitcoin. ETH/USD keeps a neutral to positive stance as long as above $340.00.

Key Highlights

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.

Ether Price Technical Analysis Chart

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.

Ethereum ETH USD Forecast Chart

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.

Important Resistance Levels

$365.00 and $370.00

Important Support Levels

$350.00 and $340.00

2-hour RSI

The RSI is above the 50 level, but showing no signs of an increase in bullish momentum.

2-hour MACD

The MACD has slowly extended the bullish zone and currently remains flat.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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