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Ether Price Analysis
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ETH/USD Forecast: New Leg Higher Underway





Ether is rising higher after completing a minor correction against the US dollar and bitcoin. ETH/USD remains well supported above $280.00 and eyes further gains.

Key Highlights

Ether most likely completed yesterday’s initiated correction wave at $280.00 against the US dollar.
The ETH/USD pair followed the lead of the crucial bullish trendline at $280.00 on the 4-hour chart.
ETH/BTC remained well bid above the 0.085BTC support and is eyeing a break above 0.090BTC.

Technically, the 4-hour chart indicators are moving higher once again after retreating from the overbought conditions.

Ether Price Approaching Support

Yesterday, the ETH/USD pair started a short-term correction and moved below $300.00. It traded towards the $280.00 support area where strong buying interest prevented further declines.

Ether Price Analysis Chart

Looking at the hourly chart, the pair bounced perfectly from a bullish trendline at $280.00. The pair resumed its uptrend and broke a connecting bearish trendline at $297.50.

It is currently following a bullish trendline with support at $297.00 and eyes a proper close above the $300.00 handle. Considering the fact that the price is above the 50 percent Fibonacci retracement level of the last decline from the $314.58 high to $278.72 low, the pair might continue to trade higher.

If buyers remain in control, the pair may soon retest the recent high of $314.58. On the downside, the first bullish trendline at $297.00 is an initial support. The next major buy zone is near the second bullish trendline with current support at $284.00.

Ethereum ETH/USD Forecast

Moving on to the 4-hour chart of ETH/USD, the recent rejection near $280.00 was from a crucial bullish trendline. If the trendline continues to protect losses, the pair would remain in an uptrend.

A break below $280.00 should lead to an extension down to $275.00, with additional slides targeting $260.00. There is an important bullish trendline at $252.00 which holds the key for the current uptrend.

Ether is poised to extend its rise given that, in the hourly chart of ETH/USD, the pair has extended further above a bullish 20 simple moving average.

Important Resistance Levels

$310.00 and $315.00

Important Support Levels

$297.00 and $284.00

4-Hour RSI

The RSI is moving north towards the 75-80 levels.

4-Hour MACD

The MACD is gaining momentum 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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