Key Highlights
Ether moved higher for the third day in a row and traded to a new monthly high of $390.75 against the US Dollar.
There is a crucial support forming near $350.00 on the 6-hour chart of ETH/USD.
ETH/BTC extended gains towards 0.0850BTC and is currently trading well above 0.080BTC.

Technically, the 2-hour chart indicators are retreating from extreme overbought levels.

Ether Price Forming Strong Bullish Trend

ETH/USD is building on overnight bullish momentum as the pair posted yet another monthly high of $390.75. The ETH/BTC pair followed Ether’s bullish trajectory and traded towards 0.085BTC before retreating a few points.

Ether Price Analysis Chart

The 2-hour chart of ETH/USD clearly points to a strong bullish trend with back to back 11 bullish candles. The pair traded as high as $390.75 before forming a short-term top.

It now seems like the pair has started correcting lower, with an initial support around the 23.6 percent Fibonacci retracement level of the last wave from the $335.51 low to $390.75 high.

There is strong support forming near $365.00, with the help of a bullish trendline and a broken resistance trendline. Below $365.00, the 50 percent Fibonacci retracement level of the last wave from the $335.51 low to $390.75 high sits at $362.00.

Therefore, any major downside in ETH/USD seems limited short-term, as in the 2-hour chart, the pair is holding a bullish 21 SMA. Moving on to the 6-hour chart of ETH/USD, the pair clearly gained solid momentum once it broke the $350.00 resistance.

Ethereum ETH/USD Forecast

The mentioned $350.00 is now a strong support along with a bullish trendline on the same chart, which if broken, could make Ether susceptible to a drop to towards another bullish trendline near $325.00.

To sum up, ETH/USD remains in an uptrend above $250.00. A rise above the recent swing high of $390.75 should now assist the pair surpass the key $400.00 psychological mark and head towards testing the all-time near $414.00.

Important Resistance Levels

$390.00 and $400.00

Important Support Levels

$365.00 and $350.00

2-Hour RSI

The RSI is moving away from the overbought levels.

2-Hour MACD

The MACD is under divergence and signaling a short-term correction.
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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Ether Technical Analysis

Today ETH/USD Forecast: Ethereum Price Struggles near $298-$300
08-31-2017 ETH/USD Forecast: Strong Bullish Momentum
08-30-2017 ETH/USD Forecast: $400 in the Cards?
08-29-2017 ETH/USD Forecast: Ether Now Eyes $375
   

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