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Ether Price Analysis
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ETH/USD Forecast: Ether Consolidating Losses





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. 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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