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ETH/USD Monthly Forecast: Holding Crucial Support

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether ended the week trimming its gains against the US Dollar and bitcoin. ETH/USD is still holding a crucial support at $330.00, which is a positive sign.

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.

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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