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Ethereum Forecast: Upward Drift for ETH/USD

By

Aayush

Jindal

Guest AnalystETHNews.com

ETH/USD is grinding higher heading into Byzantium hard fork. On the other hand, ETH/BTC remains in the bearish zone and is struggling to recover.

Key Highlights

Ether started consolidating gains after posting a new monthly high at $347.65 against the US Dollar.
There is a bullish flag pattern forming with support at $330.00 on the hourly chart of ETH/USD.
ETH/BTC seems to be struggling to hold the 0.060BTC support and remains at a risk of more downsides.

Technically, the 6-hour chart indicators are back in the bullish territory and gaining momentum.

Ether Price to Resume Uptrend

Yesterday, we saw the start of a new bullish leg in ETH/USD above the $313.00 resistance. The pair formed a new monthly high at $347.65 before starting a short-term correction.

Ethereum Price ETH/USD Chart

On the flip side, the ETH/BTC pair is finding it hard to stay above the 0.060BTC support. On the upside, the 0.0620BTC and 0.065BTC levels are important hurdles.

Starting with the 6-hour chart of ETH/USD, there is a solid upward momentum. Yesterday’s break of the $313.00 resistance has opened the doors for a new bullish wave. At present, the pair is consolidating gains below an important resistance at $350.00.

A break above $350.00 and the 76.4 percent Fibonacci retracement level of the last major drop from the $395.41 high to $200.91 low is on the cards considering the current market sentiment.

Ether Price Analysis Chart

Moving on to the hourly chart of ETH/USD, there is a bullish flag pattern forming with support at $330.00. The pair recently traded near the 23.6 percent Fibonacci retracement level of the last wave from the $297.12 low to $347.65 high.

The current correction seems to be limited as long as the channel support at $330.00 is intact. Below the last, the price could test the next support at $320.00.

To the topside, a break above the recent high of $347.65 followed by $350.00 is required to be able to gather enough upward momentum to test the $380.00 level. In the short term, Ether’s rally may take a breather with range moves above $330.00.

Important Resistance Levels

$347.00 and $350.00

Important Support Levels

$330.00 and $320.00

Hourly RSI

The RSI is correcting lower from the overbought levels.

Hourly MACD

The MACD is currently reducing its bullish slope.

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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