Key Highlights
Ether extended declines below $350.00 against the US Dollar to test the $330.00 support.
A crucial bullish trendline support near $330.00 on the 12-hour chart of ETH/USD is holding uptrend.
ETH/BTC declined further and tested the 0.075BTC support.

Technically, the 12-hour chart indicators turned sharply lower from the overbought conditions.

Ether Price is Still Holding Uptrend Support

This past week was mostly bullish for ETH/USD as the pair traded close to the $400.00 level, but failed to test it. The ETH/BTC pair also succeeded in overcoming bearish pressure and traded above 0.080BTC, however, later failed to hold gains.

Ethereum ETH/USD Weekly Forecast

It seems like Ether closed the week trimming most of its weekly gains. Having said that, the ETH/USD pair is still in an uptrend despite a break below $350.00.

Starting with the 12-hour chart, there was a clear uptrend from the $271.00 low until the pair faced a crucial hurdle just below $400.00. Ether’s price traded as high as $395.41 and then struggled a lot to test $400.00.

Two connecting trendlines with current resistance near $400.00 prevented further gains. As a result, there was a downside reaction and the price traded below the 38.2 percent Fibonacci retracement level of the last leg from the $271.36 low to $395.41 high.

However, the downside move was protected by a crucial bullish trendline support near $330.00 on the same chart. The 50 percent Fibonacci retracement level of the last leg from the $271.36 low to $395.41 high also acted as a strong barrier for sellers.

Ether Price Weekly Analysis

The pair is currently recovering and the last H12 candle is showing signs of a rejection at $330.00. Dropping down to the 2-hour chart of ETH/USD, the last candle overlapped the previous candle with a low at $329.88.

On the upside, the most important resistance is near $362.00 and the 50 percent Fibonacci retracement level of the last drop from the $395.41 high to $329.88 low.

A successful close above $362.00-365.00 would open the doors for a move towards $380.00 and $390.00. The overall trend is still bullish for Ether until there are no daily closes below $330.00.

Monthly Resistance Levels

$365.00 and $395.00

Monthly Support Levels

$330.00 and $305.00

12-Hour RSI

The RSI is recovering after moving closer to the 50 level.

12-Hour MACD

The MACD has mostly reduced its bullish slope.
Disclaimer:
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
09-04-2017 ETH/USD Forecast: Gaining Downward Strength
09-03-2017 ETH/USD Monthly Forecast: Holding Crucial Support
09-02-2017 ETH/USD Forecast: Buyers Losing Grip
   

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