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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, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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