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ETH/USD Forecast: Ether Consolidating Losses

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is showing positive recovery signs against the US dollar and bitcoin. ETH/USD needs to settle above $340.00 in order to regain the bullish bias.

Key Highlights

ETH/USD is slowly recovering and is currently consolidating above the $310.00 support.
There is a key resistance area forming near $340.00 which can be considered as breakout level for an upside move.
ETH/BTC has started consolidating losses above a major support at 0.120 BTC.

Technically, the 2-hour chart indicators recovered well from the oversold readings and are now stable.

Ether Price Upside Hurdles

During the last two days, we saw an extended correction pattern in ETH/USD. The pair traded as low as $278.00 and later started a recovery.

Ether Price Technical Analysis Chart

The current upside move has started showing positive signs with a close above the 38.2 percent Fibonacci retracement level of the last decline from the $378.00 high to $278.00 low.

Looking at the 2-hour chart of ETH/USD, there are a few bullish candles formed above $300.00-310.00 which is a good sign in the short-term. However, it’s hard to conclude the current decline since there are a few major hurdles on the upside near $330.00-340.00.

The most important hurdle sits at $340.00. It was a support earlier and now it might act as a barrier for further gains above $350.00. There is also a bearish trendline waiting just above $340.00 to prevent buyers from gaining traction.

Furthermore, at close above the 50 percent Fibonacci retracement level of the last decline from the $378.00 high to $278.00 low is needed to conclude the recent correction from the $378.00 swing high.

Ethereum ETH USD Forecast Chart

Dropping down to the 30-minute chart of ETH/USD, there is a range pattern forming with support near $310.00 and resistance at $33.00. Ether’s price is testing the range resistance and attempting an upside break.

A successful close above $330.00 might take the pair towards $340.00. On the downside, the $310.00 level is a major buy zone and must hold to prevent any further declines.

To sum up, there are a few positive signs emerging, but a break above $340.00 is needed for Ether to complete the current correction.

Important Resistance Levels

$330.00 and $340.00

Important Support Levels

$310.00 and $290.00

30-min RSI

The RSI is now well above the 50 level, and heading higher.

30-min MACD

The MACD is back in 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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