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Ethereum Forecast: ETH/USD Correction May Be Over

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether bounced from a major support against the US dollar while declining further versus bitcoin. ETH/USD is currently forming a bullish pattern for a decent recovery.

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.

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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