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Ether Price Analysis
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ETH/USD Forecast: About to Explode?





Ether rebounded above $300.00 against the US dollar, but declined below a key support versus bitcoin. ETH/USD is on the move and could break higher in the near future.

Key Highlights

Ether is back in the bullish zone above $300.00 and $305.000 against the US dollar.
ETH/USD is gaining momentum and about to challenge this month’s high of $319.06.
ETH/BTC failed to hold the 0.070BTC support as bearish pressures accelerate.

Technically, the 4-hour chart indicators are moving higher once again in the bullish territory.

Ether Price to Break $319?

Yesterday, we analyzed a false break in ETH/USD below $280.00. The pair recovered strongly from $271.36 and even managed to clear offers at $300.00.

Ethereum ETH/USD Forecast

On the other hand, the ETH/BTC pair is facing heavy downsides as it broke a key support area at 0.070BTC. Bitcoin’s price surge is preventing gains in ETH/BTC and is also containing steady gains in ETH/USD.

Having said that, the past few sessions were bullish for ETH/USD as the pair managed to clear an important bearish trendline at $285.00 on the 4-hour chart.

The pair also settled above the 61.8 Fibonacci retracement level of the last decline from the $319.06 high to $271.36 low, which is a positive sign for further gains.

The next major resistance to the topside sits at $319.06 (this month’s high). On the downside, there is a connecting bullish trendline forming with support at $298.00 on the same chart. Looking at the current and the previous candle, the pair is likely to extend gains above $308.00 in the near term.

Ether Price Analysis Chart

When looking at the hourly chart of ETH/USD, there is a crucial ascending channel forming with support at $302.00. The channel resistance is currently at $314.00 which can be seen as a short-term reaction level.

There can be a minor correction towards $304.00 or even $300.00 before the price attempts an upside break towards or above $319.00. The overall trend is positive for Ether and it may continue to gain momentum as long as the price stays above $298.00.

Important Resistance Levels

$314.00 and $319.00

Important Support Levels

$304.00 and $298.00

4-Hour RSI

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

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, 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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