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Ether Price Analysis
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ETH/USD Forecast: Bullish Rally Takes a Breather





Ether demonstrated slight downside momentum against the US Dollar and Bitcoin. However, ETH/USD remains well-supported on the downside at $260.

Key Highlights

The ETH/USD pair maintains the bullish phase with a strong support near $260.
Ether sellers fight back control over the past few hours, restricting the tepid-recovery around $290.
The ETH/BTC pair recovered slightly and moved above the 0.11BTC resistance.

Technically, the 30 min chart indicators are moving lower in the bullish territory and pointing to correction.

Ether Price Forming Uptrend

The ETH/USD pair is in fresh decline from $291 zone on Monday and pressuring again $270 support where sellers attack was strongly rejected.

Ether Price Technical Analysis Chart

A downside wave was initiated from the $291 high and the pair broke a short-term bullish trend line at $279 on the 30 min chart. Ether is currently above the $270 support and following a bearish trend line with resistance at $275.

The $270 support is also the 50 percent Fibonacci retracement level of the last wave from $251 to $291. However, the strongest support for Ether on Monday sits at $260 (resistance turned support).

The fading upside momentum in ETH/USD suggests that a consolidation phase above $260 is likely in the short term. A move back above $280 would indicate that the correction phase has ended.

Any upside moves would target $291 (July 2, 2017 high). A break of this crucial resistance level would open the doors towards the June 28, 2017 high at $321.

Ethereum ETH USD Forecast

Looking at the 2 hours chart, there are two positives to note. First, the pair recently broke a key bearish trend line at $275 which is acting as a support. Second, there is an important bullish trend line forming with current support as $260.

Ether is likely to hold the trend line support at $260 today for a bounce back towards $280. If it fails to hold $260, there can be a deeper correction towards $225.

ETH/USD might take a breather, but looking at the bigger picture, the uptrend that started from $209 (June 2017 low) is still intact.

Important Resistance Levels

$280.00 and $291.00

Important Support Levels

$270.00 and $260.00

2 Hours RSI

The RSI is heading higher after testing the neutral level.

2 Hours MACD

The MACD is recovering from the recent slide.

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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