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ETH/USD Forecast: Are Buyers Really Back in Town?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is most likely back in the bullish zone against the US dollar and bitcoin. ETH/USD is trading positively and remains supported near $290.00-260.00.

Key Highlights

ETH/USD surged higher and broke a major resistance near $290.00-300.00.
The pair was able to sell above an important bearish trend line at $280.00 on the 4-hour chart.
ETH/BTC gathered momentum and was able to break the 0.150BTC resistance.

Technically, the hourly chart indicators are correcting the overbought levels, but remain well in the bullish territory.

Ether Price Correction and Bounce

In Yesterday’s analysis, we discussed that a close above $300.00 might negate the bearish bias. The pair did break the $290.00-300.00 resistance area and traded with a lot of positive signs.

Ethereum ETH USD Forecast

The best part was a close above an important bearish trend line at $280.00 on the 4-hour chart. There was an H4 close above $290.00, which is a bullish sign.

Additionally, the pair cleared the 50 percent Fibonacci retracement level of the last decline from the $378.00 high to $209.00 low. It means that the last correction is over and the pair should resume its larger trend.

The price traded as high as $321.89, where the hourly RSI moved into the overbought levels and attracted sellers. There was a failure to break the 61.8 percent Fibonacci retracement level of the last decline from the $378.00 high to $209.00 low.

A short-term correction wave is initiated and the price moved below a bullish trend line at $320.00 on the hourly chart. The price is currently testing a key broken resistance at $280.00-290.00 and the 50 percent Fibonacci retracement level of the last wave from the $255.00 low to $321.00 high.

Ether Price Technical Analysis Chart

Any further declines could take Ether’s price towards $260.00, which is the next major support. There are high chances of ETH/USD holding the $280.00 support.

On the upside, an initial resistance is $315.00 followed by the last high at $321.00. The overall trend is back bullish and buyers are likely to hold losses in the near term.

Important Resistance Levels

$315.00 and $321.00

Important Support Levels

$280.00 and $260.00

4 Hours RSI

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

4 Hours MACD

The MACD is gaining pace in the bullish momentum.

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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