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Ether Price Analysis
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ETH/USD Forecast: Bullish Channel Intact





Ether is following a bullish channel against the US Dollar. ETH/USD has to stay above $325.00-320.00 to continue moving higher.

Key Highlights

Ether made a minor new intraday high at $337.31 against the US Dollar before starting a correction.
A crucial bullish ascending channel is in place with support at $325.00 on the 2-hour chart of ETH/USD.
ETH/BTC was unchanged above the 0.075BTC support level.

Technically, the 2-hour chart indicators are aligned perfectly in the bullish territory for further upsides.

Ether Price Short-term Correction Underway

The ETH/USD pair closed the week on a positive note, trading at a new intraday high of $337.31. On the other hand, ETH/BTC closed a dull and bearish week that kept the pair below the 0.080BTC level.

Ethereum ETH/USD Forecast

The 2-hour chart of ETH/USD highlights a picture perfect bullish trend. The pair started an uptrend from the $285.00 swing low and traded as high as $345.24. Later, it corrected lower to $290.00 and is currently recovering nicely in a bullish path.

There is a crucial ascending channel forming with support at $325.00. The pair recently tested the channel resistance below $340.00 before moving down.

At present, the pair is trading near the channel support area at $325.00 that holds a lot of significance in the short term. Below $325.00, there would be a decline towards a key connecting bullish trendline at $320.00.

The $325.00 and $320.00 support levels would contain further slides in Ether’s price. Should there be a break below $320.00, the price could test the $305.00 support zone.

Ether Price Technical Analysis Chart

The 30-minute chart of ETH/USD also suggests the importance of the $325.00 support. There is a bullish trendline and a horizontal support in place at that mark.

On the upside, there is a bearish trendline forming with resistance at $328.00. A successful close above $328.00 would complete the current correction wave and push the price back towards $340.00.

Bullish scenario sees a lift in ETH/USD above initial barriers at $335.00 for a retest of $337.31 and a final push towards a target of $340.00.

Important Resistance Levels

$328.00 and $337.00

Important Support Levels

$325.00 and $320.00

30-Minute RSI

The RSI is consolidating near the oversold levels.

30-Minute MACD

The MACD is flat in the bearish zone and about to change the slope.

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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