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Ethereum Forecast: ETH/USD’s Buyers Battle Near $276.00

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether declined sharply during the past four sessions against the US dollar and bitcoin. ETH/USD tested $276.00, which holds the key in the near term.

Key Highlights

Ether declined further and recently tested a major support at $276.00-$275.00 against the US dollar.
There is a rejection pattern forming near $276.00 on the 4-hour chart of ETH/USD.
ETH/BTC fell to a new seven-month low and declined below 0.040BTC.

Technically, the 30-minute chart indicators are recovering from the oversold levels.

Can Ether's Price Hold $275?

It was a bad day for Ether buyers as bitcoin's price continued to surge higher and moved above the $7,000 mark, which ignited sharp declines in both ETH/USD and ETH/BTC.

ETH/BTC was the worst performer since it declined below the 0.040BTC handle and traded to a new seven-month low. It is really struggling to recover and is putting a lot of pressure on ETH/USD as well.

Starting with the 4-hour chart of ETH/USD, the $310.00 resistance proved to be a monster hurdle for buyers and pushed the pair back toward $275.00. Many bearish candles were formed during the past four sessions, suggesting an increase in the bearish pressure on Ether.

However, the $275.00-$276.00 support is a major buy zone and it has already stalled the recent slide. The mentioned support holds a lot of importance since it is the 50 percent Fibonacci retracement level of the last wave from the $200.91 low to $352.69 high.

The current 4-hour candle is bullish and showing rejection signs, but we need more signs on the lower time frame chart for a confirmation. Looking at the 30-minute chart of ETH/USD, the pair broke a bearish trendline at $280.00 and formed a double bottom at $276.00.

These are great signs as long as Ether is above $276.00-$275.00. Should the price continue moving higher, there could be a recovery toward a bearish trendline at $290.00 on the same chart.

A successful close at $290.00 could decrease the current bearish pressure on Ether. Above $290.00, the next resistance is at $298.00. To the downside, ETH/USD should hold $275.00, but a break below this could send the pair toward $260.00.

Important Resistance Levels

$290.00 and $298.00

Important Support Levels

$280.00 and $276.00

4-Hour RSI

The RSI has reached the oversold levels and is currently recovering.

4-Hour MACD

The MACD gained a lot of momentum in the bearish 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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