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Ethereum Forecast: ETH/USD Holding Uptrend Support

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether held a crucial uptrend support against the US dollar while extending losses versus bitcoin. ETH/USD is recovering, but upsides seem to be limited.

Key Highlights

After a $60.00 decline from the $352.70 high, Ether found support above $286.00 against the US dollar.
There is an expanding triangle forming with current support at $290.00 on the 12-hour chart of ETH/USD.
ETH/BTC declined further and traded toward 0.053BTC.

Technically, the 2-hour chart indicators have recovered well from the oversold region.

Ether Price Formed a Short-term Bottom?

Yesterday, we saw the start of a new downside wave in ETH/USD from the $352.70 high and were looking for a test of $286.00. The pair did trade toward $286.00, found strong bids, and recovered sharply.

Ether Price Analysis Chart

On the other hand, there was no sign of a recovery in ETH/BTC as the pair extended its decline below 0.055BTC towards 0.052BTC.

Starting with the 2-hour chart of ETH/USD, there seems to be a perfect failure from the $288.00 region. The pair formed an overlapping bullish candle at $288.04 and bounced back sharply.

It is a strong rejection sign that the pair succeeded in breaking a bearish trendline on the same chart at $305.00. There was even a close above the 23.6 percent Fibonacci retracement level of the last decline from the $352.70 high to $288.04 low.

The pair traded close to the previous support (now resistance) at $318.00-$320.00. Buyers struggled to push the price above $318.00 and the 50 percent Fibonacci retracement level of the last decline from the $352.70 high to $288.04 low.

At present, the price is correcting lower toward the $302.00-$300.00 support. Looking at the 12-hour chart of ETH/USD, there is an expanding triangle forming with current support at $290.00.

Ethereum Price ETH/USD Forecast

The recent bounce in Ether’s price was from the triangle support area near $286.00-$288.00. A bullish hammer candle is formed at $288.04, which means there can be further upsides in the near term.

The short-term support in ETH/USD continues to be the $300.00 level, as a break below it would expose $286.00. To the upside, the key resistance is near $320.00, and steady gains beyond this last session are required to see Ether’s price shrugging off the recent decline.

Important Resistance Levels

$320.00 and $346.00

Important Support Levels

$300.00 and $286.00

12-hour RSI

The RSI is currently at 40 and heading higher.

12-hour MACD

The MACD is showing signs of a recovery.

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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