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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, 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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