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Friday Mar 23rd 2018

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Ether Price Analysis
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Ethereum Forecast: ETH/USD Corrects Lower





Ether is correcting lower against the US dollar while maintaining a bearish bias versus bitcoin. ETH/USD is holding key support levels above $300.00.

Key Highlights

Ether failed to surpass the $313.00-314.00 resistance against the US dollar and started a short-term correction.
There is an ascending channel forming with support at $292.00 on the 4-hour chart of ETH/USD.
ETH/BTC declined sharply by more than 4% to trade near 0.066BTC.

Technically, the 4-hour chart indicators have started showing minor bearish signs.

Ether Price Remains in Uptrend

In the ETH/USD’s weekly forecast, we discussed the failure to break the $313.00 resistance area and a probable downside move towards $305.00. The pair failed to hold gains above $313.00 and started a downside correction.

Ethereum Price ETH/USD Forecast

On the other hand, the ETH/BTC pair came under a lot of pressure and declined by more than 4 percent to trade near 0.066BTC.

Looking at the 4-hour chart of ETH/USD, there is an ascending channel forming with support at $292.00. The channel resistance, first at $311.00 and then at $313.00, prevented an upside break.

As a result, there was a downside reaction and the pair traded towards the 23.6 percent Fibonacci retracement level of the last wave from the $279.89 low to $313.93 high. The decline was protected by a connecting bullish trendline at $301.00.

The pair will most likely resume its upside move and trade back above $310.00 to test the channel resistance. Alternatively, a break of the trendline at $302.00 would ignite a fresh decline towards the channel support near $292.00 and the 50 percent Fibonacci retracement level of the last wave from the $279.89 low to $313.93 high.

Ether Price Analysis Chart

Moving down to the hourly chart of ETH/USD, there was a break below a major bullish trendline with support at $311.00. At present, the pair seems to be struggling to move higher above a connecting bearish trendline with resistance at $307.50.

To sum up, Ether remains in an uptrend as long as the channel support at $292.00 is intact on the 4-hour chart. Above $307.50, on the other hand, ETH/USD will likely resume its rise, $313.00 being the next probable bullish target.

4-Hour MACD

The MACD is losing grip in the bullish zone.

4-Hour RSI

The RSI is holding the 50 level.

Important Support Levels

$301.00 and $292.00

Important Resistance Levels

$307.50 and $313.00

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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