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Ether Price Analysis
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ETH/USD Forecast: Bullish Bias Intact





Ether held on to gains above $315.00 against the US Dollar, yet failed to recover versus Bitcoin. It remains to be seen if ETH/USD is positioning for the next move higher.

Key Highlights

Ether continues to trade higher against the US Dollar, but struggling to gain momentum above $320.00.
ETH/USD broke a short-term bearish trendline at $315.00 on the 2-hour chart, which is a positive sign.
ETH/BTC fight to recover continues and it remains well below 0.080BTC (support turned resistance).

Technically, the 6-hour chart indicators are flat in the bullish territory.

Ether Price Holding Trend Support

The ETH/USD pair is trying to recover above the $320.00-325.00 resistance zone. On the other hand, the ETH/BTC pair remained range bound above 0.075BTC and is prepared to test the 0.080BTC resistance.

Ether Price Analysis Chart

Let’s start with the 2-hour chart of ETH/USD, which showcases a couple of important bullish signs. First, there is a crucial bullish trendline with current support at $316.00. Second, the pair broke a short-term bearish trendline at $315.00.

It seems like a 3-wave structure is forming, with the pair currently in the third wave from the $293.11 low. The mentioned third wave could end anywhere above the 61.8 percent Fibonacci retracement level of the last decline from the $345.24 high to $293.11 low.

That being said, the trend line support and recent upside break point to an extended upside move above $325.00 in the near term. Above $325.00, the $345.24 high is the next major resistance.

Ethereum ETH/USD Forecast

From a price action perspective, the ongoing shallow bounce in ETH/USD is not enough to take the pair above the $340.00 level. Only an increase in volumes and a strong move above $325.00 could ignite a substantial rally in the near term.

The short-term bearish pressure on Ether has swung back to the upside and a test of the $325.00 resistance would not be surprising. Looking at the 6-hour chart of ETH/USD, a resistance turned support awaits at $315.00 followed by a bullish trend line at $304.00. The latter level is crucial and a very strong support now.

Important Resistance Levels

$325.00 and $340.00

Important Support Levels

$316.00 and $304.00

6-Hour RSI

The RSI is almost flat above the 50 level.

6-Hour MACD

The MACD is in the bullish zone, but lacking momentum.

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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