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Ether Price Analysis
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Ethereum Price Analysis: Ether Price Extends Recovery





Ether, after surviving a downside break, started recovering against the US dollar and bitcoin. ETH/USD is currently above $300.00 with the next resistance at $322.00.

Key Highlights

Ether recovered well and traded above the $310.00 resistance against the US dollar.
There is a bullish trendline with support at $300.00 forming on the 30-minute chart of ETH/USD.
ETH/BTC extended its recovery and moved towards the 0.072BTC resistance.

Technically, the 2-hour chart indicators are starting to move higher in the bullish territory.

Ether Price Eyeing Further Gains

Yesterday, we discussed that as long as the ETH/USD pair is above $275.00, it can recover. The pair did recover above $300.00 and traded with a positive bias during the past few sessions.

Ethereum Price ETH/USD Forecast

The ETH/BTC pair also gained traction and was able to move above 0.071BTC towards the next immediate resistance at 0.072BTC.

Starting with the 30-minute chart of ETH/USD, the pair recently moved above the $302.00-304.00 resistance. The upside move was positive with a few back-to-back green candles.

A new weekly high was formed at $316.17 where the 61.8 percent Fibonacci retracement level of the last drop, from the $341.68 high to $281.12 low, prevented further upsides. The pair started correcting lower and is currently trading below the $310.00 level.

An initial support is around $302.00 (resistance turned support). The next support is near a bullish trendline at $300.00. The most important support is around the 50 percent Fibonacci retracement level of the last wave from the $281.12 low to $316.17 high at $299.00.

Ether Price Analysis Chart

Therefore, the $302.00-$299.00 area is a crucial support for the current recovery. If Ether’s price stays above $300.00, it would move back towards the $316.00 level.

Moving on to the 2-hour chart of ETH/USD, the pair is currently attempting a close above a key resistance near $308.00-$310.00. If it succeeds, it could head towards a bearish trendline with resistance at $322.00.

To sum up, Ether’s price retains a short-term positive tone, given that in the 2-hour chart, ETH/USD remains above its 50 SMA and is losing its downward strength.

Important Resistance Levels

$316.00 and $322.00

Important Support Levels

$302.00 and $299.00

30-minute RSI

The RSI is correcting from the overbought levels.

30-minute MACD

The MACD is now gaining momentum in the bullish 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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