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Ethereum Forecast: ETH/USD at Major Crossroads

By

Aayush

Jindal

Guest AnalystETHNews.com

ETH/USD selling pressure rose intraday after failure to break $350.00. Similarly, Ether fell versus bitcoin and settled below 0.060BTC.

Key Highlights

Ether is correcting lower and heading toward a major support at $320.00 against the US dollar.
There is a crucial bullish trendline forming with support at $320.00 on the 6-hour chart of ETH/USD.
ETH/BTC failed to recover and declined below the 0.058BTC support.

Technically, the 6-hour chart indicators recently moved in the bearish territory.

Ether Price Approaching Key Support

There was no upside break in ETH/USD as the pair failed to surpass the $350.00 resistance area. A fresh downside wave was initiated with a break of the $340.00 support.

Ether Price Analysis Chart

Looking at the 2-hour chart of ETH/USD, the pair seems to be in the third wave from the $347.00 swing high. It failed on many occasions to break the $348.00-$350.00 resistance and started a short-term downtrend.

There was a break below a bullish trendline with support at $335.00 on the same chart. Sellers even succeeded in clearing the 50 percent Fibonacci retracement level of the last leg from the $296.82 low to $352.70 high.

It has opened the doors for more declines in the near term toward the next major support at $320.00. On the upside, there is a bearish trendline forming with current resistance at $330.00.

Should there be a break above $330.00, the price could attempt a rally toward the $350.00 resistance. Moving on to the 6-hour chart of ETH/USD, there is a downtrend forming with four back-to-back bearish candles.

Ethereum Price ETH/USD Forecast

However, there is a crucial bullish trendline forming with support at $320.00 on the same chart, which would act as an important hurdle for a break toward $300.00.

Technical readings in the 6-hour chart of ETH/USD lean the scale toward the downside as the pair slides further below its 50 SMA. The bearish scenario sees a final push in Ether’s price toward significant near-term support at $320.00, the break of which would signal the continuation of a larger downtrend from $352.70 (the October 16 high).

Overall, the $320.00-$318.00 support holds a lot of importance for the current bullish trend.

6-hour MACD

The MACD has moved into the bearish zone and is gaining momentum.

6-hour RSI

The RSI just broke the 50 level.

Important Support Levels

$320.00 and $300.00

Important Resistance Levels

$330.00 and $350.00

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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