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Ethereum Price Forecast: Ether Testing Key Trend Support

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price corrected lower against the US dollar, whereas it extended losses versus bitcoin. ETH/USD must stay above $285.00 to bounce back in the near term.

Key Highlights

Ether corrected lower and tested the important support at $285.00 against the US dollar.
A crucial bullish trendline is in place with support at $285.00 on the 2-hour chart of ETH/USD.
ETH/BTC broke the key 0.0400BTC support and moved further into the bearish zone.

Technically, the 2-hour chart indicators are currently near midlines in the bullish territory.

Ether Price Analysis

After trading as high as $302.26, ETH/USD started a downside correction. The pair declined below the $300.00 and $290.00 support levels before finding bids near the previous resistance (now support) at $285.00.

On the negative side, ETH/BTC traded below the key support at 0.0400BTC. However, losses were limited and it seems like the pair could find support near 0.0390BTC or 0.0385BTC and move back above 0.0400BTC.

Etheeum Price ETH Forecast

Looking at the 2-hour chart of ETH/USD, the pair followed a declining pattern and broke the $294.00 and $290.00 support levels. Ether even surpassed the 38.2 percent Fibonacci retracement level of the last recovery from the $272.45 low to $302.26 high.

However, the previous resistance near $285.00 acted as a support along with a connecting bullish trendline on the same chart and the 50 percent Fibonacci retracement level of the last recovery.

Ether’s price is currently positioned nicely above the $285.00 support, but it has to surpass a bearish trendline with resistance at $292.00 to start a fresh upward move. Conversely, a 2-hour close below the support could trigger more weakness toward the $280.00 and $278.00 levels.

Ether Price Analysis Chart

Moving down to the 30-minute chart of ETH/USD, the pair seems to be completing a correction pattern from the $302.26 swing high. There may be one final dip before Ether buyers appear for a push above the $292.00 and $295.00 resistance levels.

Overall, Ether must stay above the $285.00 support to bounce back. If not, there is a risk of an extended correction toward the $280.00 level.

Important Resistance Levels

$292.00 and $295.00

Important Support Levels

$285.00 and $280.00

2-hour RSI

The RSI is just near the 50-52 zone.

2-hour MACD

The MACD is slightly in the bearish zone.

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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