Key Highlights
Ether is struggling to clear the $340.00 resistance against the US dollar.
ETH/USD recently broke a connecting bullish trendline with support at $325.00 on the 2-hour chart.
ETH/BTC is again heading towards the 0.070BTC support after it failed to settle above 0.073BTC.

Technically, the 2-hour chart indicators are moving to and fro near their midlines.

Ether Price to Correct and Consolidate

The ETH/USD pair mostly traded in a range with a mild bearish tone during the past 2-3 sessions. On the other hand, ETH/BTC declined roughly 3 percent and retreated from the 0.073BTC level.

Ethereum ETH/USD Forecast

Yesterday, we discussed an important resistance area near $340.00 and the 50 percent Fibonacci retracement level of the last decline from the $395.41 high to $275.82 low (considering the average price).

Looking at the 2-hour chart of ETH/USD, the pair seems to be struggling to clear the $340.00 resistance. After trading as high as $339.50, sellers got into the action and pushed the pair below a connecting bullish trendline with support at $325.00.

However, downsides were limited by the 23.6 percent Fibonacci retracement level of the last leg from the $267.72 low (Bitfinex) to $339.50 high. The price is currently trading in a range near $330.00 and preparing for the next move.

A bullish trendline with support at $322.00 on the 30-minute chart of ETH/USD also acted as a hurdle for the recent slide from $339.50. On the upside, there is a bearish trendline forming with resistance at $334.00.

Ether Price Analysis Chart

Momentum beyond $334.00 level could get extended back towards retesting $340.00, above which Ether’s price is likely to dart towards the $350.00 resistance.

On the other hand, a successful break of $322.00 would put further pressure on buyers and cause ETH/USD to be vulnerable to sliding back towards the all-important $305.00-300.00 support.

Clearly, the pair is facing difficulties in surpassing $340.00. Therefore, a minor correction back towards $305.00 is possible in the near term. Alternatively, if ETH/USD survives a break below $322.00, it would attempt another break of $340.00.

Important Resistance Levels

$334.00 and $340.00

Important Support Levels

$322.00 and $305.00

2-hour RSI

The RSI is near the 50 level and struggling to remain in the bullish zone.

2-hour MACD

The MACD momentum is slowly fading, signaling short-term caution.
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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
09-08-2017 Ethereum Price Analysis: ETH/USD Approaching Break
09-07-2017 Ethereum Price Analysis: Can ETH/USD Break $340?
09-06-2017 ETH/USD Forecast: Bounce or Bottom?
   

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