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.
Disclaimer:
The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Ether Technical Analysis

08-17-2017 ETH/USD Forecast: About to Explode?
06-24-2017 ETH/USD Forecast: Ether Gathers Traction on USD Weakness
06-23-2017 ETH/USD Forecast: Ether Consolidating Losses
06-22-2017 ETH/USD Forecast: Recovery Won’t Be Easy
   

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