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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. 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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