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Ethereum Forecast: ETH/USD Bullish above $320

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is stronger against the US dollar above $320.00, while slowly recovering versus bitcoin. ETH/USD has to break $350.00 to gain upside momentum.

Key Highlights

Ether is on the rise against the US dollar, but it is facing a crucial resistance near $350.
There is a key bullish trendline forming with support at $340.00 on the 30-minute chart of ETH/USD.
ETH/BTC is back above 0.060BTC and might correct toward 0.062BTC.

Technically, the 2-hour chart indicators are pointing to a short-term range in the bullish territory.

Ether Price forming Range

There were a couple of swing moves in ETH/USD during the past two sessions. The pair made an attempt to settle above $350.00, but failed and moved toward $335.00.

Ether Price Analysis Chart

Looking at the 30-minute chart of ETH/USD, the pair seems to be following a nice bullish path. It remains supported above $338.00 and a key bullish trendline at $340.00.

The pair recently formed a new monthly high at $352.70 and corrected lower. It tested the 38.2 percent Fibonacci retracement level of the last upside wave from the $318.56 low to $352.70 high. At the moment, the pair is following the trendline and will most likely continue moving higher toward $345.00-350.00.

The $348.00-350.00 resistance zone holds the key for further upsides. A successful close above $350.00 could trigger gains toward $360.00 or even $380.00.

On the flip side, a break below the trendline support at $340.00 would ignite a downside reaction toward the 50 percent Fibonacci retracement level of the last upside wave from the $318.56 low to $352.70 high.

Ethereum Price ETH/USD Forecast

Moving on to the 2-hour chart of ETH/USD, there is a range forming with support at $320.00 and resistance near $350.00. The price action at this moment is positive and calls for an upside push.

To sum up, the upward scope in Ether seems limited by selling interest on approaches to $350.00. A decisive breakout above $350.00 may encourage a further increase toward $360.00. On the other hand, weakness below $340.00 may open the doors back toward $320.00.

30-minute MACD

The MACD is showing positive signs in the bullish zone.

30-minute RSI

The RSI is currently above 60 and heading toward 70.

Important Support Levels

$340.00 and $320.00

Important Resistance Levels

$347.00 and $352.00

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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