Key Highlights
Ether tested a crucial support area near $285.00 against the US dollar and started recovering.
ETH/USD is bouncing from a key bullish trendline with current support at $287.00 on the 6-hour chart.
ETH/BTC’s struggle continues and the pair fell towards the 0.062BTC support.

Technically, the 2-hour chart indicators are back in the bullish territory.

Ether Price to Resume its Upside

There was a sharp decline yesterday in ETH/USD from $308.00 to well below $290.00. The pair tested a crucial support region near $285.00 and bounced back.

Ether Price Analysis Chart

On the flip side, the ETH/BTC pair fell further and traded towards the 0.062BTC support. The main reason for the recent slide is a sharp rise in bitcoin price versus all major cryptocurrencies.

The 2-hour chart of ETH/USD is showing how $285.00 held the last decline and prevented further losses. As a result, the pair recovered and moved above the 50 percent Fibonacci retracement level of the last drop from the $313.93 high to $286.49 low.

The pair is currently approaching a short-term bearish trendline with resistance near $302.00. A 2-hour close above the trendline resistance and the 61.8 percent Fibonacci retracement level of the last decline, from the $313.93 high to $286.49 low, could open the doors for a push towards $308.00-310.00.

On the downside, the $295.00 level is an initial support followed by the all-important $285.00. Looking at the 6-hour chart, there is a key bullish trendline forming with current support at $287.00.

Ethereum Price ETH/USD Forecast

The recent rejection in ETH/USD was near the same trendline. A key positive sign on the chart is the last green candle, which suggests further gains in Ether in the near term.

To the topside, there is a significant resistance at $313.00-314.00. A successful close above $314.00 is required for buyers to regain traction. In the medium term, ETH/USD has been consolidating within a broader trading range of $285.00-315.00 over the past few days. Therefore, it would be sensible to wait for a decisive break in either direction before committing Ether price’s next directional move.

Important Resistance Levels

$308.00 and $313.00

Important Support Levels

$295.00 and $285.00

2-Hour RSI

The RSI has just moved above the 50 level.

2-Hour MACD

The MACD is back in the bullish zone.
Disclaimer:
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

10-22-2017 Ethereum Weekly Forecast: ETH/USD Holding Key Trend Support
10-11-2017 Ethereum Forecast: ETH/USD Neutral Short Term
10-10-2017 Ethereum Forecast: ETH/USD Correction May Be Over
10-09-2017 Ethereum Forecast: ETH/USD Corrects Lower
   

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