Key Highlights
Ether declined yesterday and broke an important support at $288.00 against the US Dollar.
ETH/USD later recovered, but remains at a risk of further declines.
ETH/BTC is holding the 0.070BTC support very well which is a great sign for the overall market sentiment.

Technically, the hourly chart indicators started moving higher after reaching oversold levels.

Can Ether Price Stay Above $275?

In yesterday’s analysis, I pointed out that Ether is approaching a crucial break with support at $288.00-285.00 against the US Dollar.

Ethereum ETH/USD Forecast

The ETH/USD pair failed to hold the $288.00 support and broke a key bullish trend line on the 6-hour chart. It even cleared the $280.00 and $275.00 support levels, trading at a new weekly low of $271.36. However, the $270.00 level prevented further declines and protected from a move towards $260.00.

The price retreated and recovered well from $271.36, giving the candle formed on the 6-hour chart a long tail. It can be considered as a rejection signal, but the price has to move above $300.00 to confirm it.

Let’s move to the hourly chart to analyze whether ETH/USD can extend its recovery from $271.36 or not. Clearly, the last few candles are pointing at an improved buying interest above $270.00.

Ether Price Analysis

The pair has already moved above the 23.6 Fibonacci retracement level of the last decline from the $306.44 high to $271.36 low.

At the moment, the pair is attempting a close above a bearish trendline at $288.00 on the same chart. The mentioned $288.00 level is also the 50 Fibonacci retracement level of the last decline from the $306.44 high to $271.36 low.

It seems like Ether buyers might succeed in taking the price above $290.00, but the price has to settle above $300.00 to avoid any further declines.

Overall, the recent setback below $280.00 could be a false break as long as the price stays above $275.00.

Important Resistance Levels

$300.00 and $310.00

Important Support Levels

$280.00 and $275.00

Hourly RSI

The RSI has recovered well and just moved above the 50 level.

Hourly MACD

The MACD histogram changed the slope from bearish to bullish with a minor divergence.
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

Today ETH/USD Forecast: Ethereum Price Struggles near $298-$300
08-17-2017 ETH/USD Forecast: About to Explode?
08-16-2017 ETH/USD Forecast: Could This Be A False Break?
08-15-2017 ETH/USD Forecast: Holding Uptrend Support
   

Subscribe to our Newsletter

* indicates required
Email Address *
First Name
Last Name
Country
News Categories of Interest