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Ether Price Analysis
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ETH/USD Forecast: Bounce or Bottom?





Ether buyers regain poise against the US dollar and bitcoin. ETH/USD is currently trading well above $300.00 and gaining bullish momentum.

Key Highlights

Ether averted a daily close below $300.00 against the US dollar and bounced sharply.
ETH/USD is approaching a major resistance zone near $340.00-350.00 on the 6-hour chart.
ETH/BTC started correcting higher and recently moved above a short-term resistance of 0.072BTC.

Technically, the 6-hour chart indicators are back in the bullish territory and moving higher.

Ether Price Recovery Looks Real

Yesterday, we discussed why it is important for ETH/USD to avoid a daily close below the $305.00 level. The pair succeeded in closing above $305.00 and gained bullish momentum during the past 2-3 sessions.

Ethereum ETH/USD Forecast

The ETH/BTC pair was also able to gain bids near 0.070BTC and started correcting higher towards the next important resistance at 0.075BTC.

Looking at the daily chart of ETH/USD, the current candle seems to be a picture perfect reversal signal. If the candle closes with a long tail and substantial body, it would be a sign of further gains in the near term.

The trendline support at $300.00-305.00 held the drop very well and might continue to play a crucial role during the coming days.

The 6-hour chart of ETH/USD points to a short-term bottom near $275.82. The last three candles are bullish and signaling a positive bias. The pair has already cleared the 38.2 percent Fibonacci retracement level of the last drop from the $395.41 high to $275.82 low.

Ether Price Analysis Chart

However, the pair is approaching a major resistance near $340.00. The 50 percent Fibonacci retracement level of the last drop from the $395.41 high to $275.82 low is sitting below the stated level. Therefore, it won’t be easy for buyers to clear $340.00 in one attempt.

A break above $340.00 would favor an extension to the $350.00 region. On the other hand, an immediate support is at $320.00, followed by the $305.00 pivot.

The overall bias is bullish and any setbacks from the current levels remain supported on the downside as long as Ether’s price is above $305.00.

6-hour MACD

The MACD is now back in the bullish zone.

6-hour RSI

The RSI has breached the 50 level and is heading north.

Important Support Levels

$320.00 and $305.00

Important Resistance Levels

$340.00 and $350.00

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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