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Ether Price Analysis
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ETH/USD Forecast: Ether Trims Monday’s Gains





Ether trimmed most of its gains against the US Dollar, but held ground versus Bitcoin. ETH/USD has to stay above $295.00 to avoid further declines.

Key Highlights

After a sharp rise to $345.24 against the US Dollar, Ether formed a short-term top.
A bearish reversal candle pattern was formed at $345.24 on the 6-hour chart of ETH/USD.
ETH/BTC is still below the 0.080BTC resistance and struggling to settle above the mentioned level.

Technically, the 2-hour chart indicators declined sharply and moved into the bearish territory.

Can Ether Price Bounce Back?

Yesterday, we discussed that if ETH/USD closes above $320.00, it would open the doors for further upsides towards $330.00 and $340.00. The pair rose to $345.24 (a new monthly high) on Monday following repeated failure on the part of sellers to keep the pair below $275.00.

Ether Price Analysis Chart

However, there was a sharp rejection near $345.24 and the pair trimmed almost all of its intraday gains. It moved down by more than $50.00, trading as low as $293.11.

A bullish trendline on the 2-hour chart of ETH/USD prevented declines and pushed the pair back higher. The $295.00 support also played its part well in protecting Ether’s price from setting a bearish trend.

After consolidating yesterday’s gains, the pair is currently trading above the $300.00 psychological level. On the upside, an immediate resistance at $320.00 now serves as the 50 percent Fibonacci retracement level of the recent drop from the $345.24 high to $293.11 low.

The $320.00 resistance is once again an important barrier for buyers in the short term. A successful close above $320.00 (H2 close) would push the price back towards $340.00-345.00.

Ethereum ETH/USD Forecast

Looking at the 6-hour chart of ETH/USD, there is a key bearish candle pattern that resulted in a sharp decline from $345.24.

A large bearish candle followed the pattern, signaling a crucial failure around $345.00. Should the decline continue and surpass $295.00, Ether has scope to extend its fall down to $280.00. To the upside, $320.00 is the immediate resistance, followed by the $340.00-345.00 zone, where selling interest remains strong.

Important Resistance Levels

$320.00 and $345.00

Important Support Levels

$300.00 and $295.00

2-Hour RSI

The RSI is recovering, but still below the 50 level.

2-Hour MACD

The MACD retreated sharply from bullish conditions and moved into the bearish 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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