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Ether Price Analysis
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Ethereum Price Analysis: Can ETH/USD Break $340?





Ether buyers are losing grip against the US dollar and bitcoin. ETH/USD might once again correct lower to retest $305.00-300.00.

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.

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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