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Friday Mar 23rd 2018

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Ether Price Analysis
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Ethereum Forecast: ETH/USD Explodes, More Gains Likely





Ether surged higher and broke key resistances against the US dollar, while holding ground versus bitcoin. ETH/USD now poised to register more gains above $350.00.

Key Highlights

Ether finally surpassed the $313.00 resistance against the US dollar to trade above $340.00.
There are many supports forming such as $335.00. $320.00 and $310.00 on the 30-minute chart of ETH/USD.
ETH/BTC is holding the 0.060BTC support, which is a positive sign in the short term.

Technically, the 2-hour chart indicators are heading into the overbought levels.

Ether Price to Gain Pace above $350?

During the past few days, we saw ranging moves in ETH/USD above $280.00. Yesterday, we discussed that it would take an upward acceleration through $314.00 to see Ether’s price extending its upsides towards $325.00 and $340.00.

Ethereum Price ETH/USD Forecast

The pair finally managed to overcome selling pressure near $313.00-314.00 and traded higher by more than 12 percent. During the upside move, there was a clear break above the $325.00 and $340.00 resistance levels and a new monthly high was formed at $347.65.

More importantly, there was a break above the 61.8 percent Fibonacci retracement level of the last major drop from the $395.41 high to $200.91 low. It has opened the doors for more gains, probably towards the last swing high at $395.41.

An intermediate hurdle is near $350.00 since is it the 76.4 percent Fibonacci retracement level of the last major drop from the $395.41 high to $200.91 low.

Looking at the 2-hour chart of ETH/USD, the pair is now placed comfortably above the $314.00 resistance. The last three candles are super bullish, which suggests a strong upward momentum above $320.00.

Ether Price Analysis Chart

Dropping down to the 30-minute chart, the pair traded as high as $347.65 and is currently correcting lower. An initial support is at $335.00 and the 23.6 percent Fibonacci retracement level of the last wave from the $298.42 low to $347.65 high.

Below $335.00, the next support is at $320.00. However, the most important support is $310.00-313.00 (previous resistance). Overall, the current trend is super bullish and the recent break seems promising for more upsides in ETH/USD in the near term.

Important Resistance Levels

$347.00 and $350.00

Important Support Levels

$335.00 and $320.00

2-hour RSI

The RSI is moving towards to the 80 level.

2-hour MACD

The MACD is strongly placed 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, 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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