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Ethereum Forecast: ETH/USD Recovery Unravels

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether recovered well against the US dollar and bitcoin. ETH/USD is back above the $290.00 resistance and is showing positive signs.

Key Highlights

Ether held the $276.00 support and moved back above $290.00 against the US dollar.
ETH/USD broke a bearish trendline at $288.00 on the hourly chart to open the doors for a recovery.
ETH/BTC is back above 0.040BTC and is showing signs of a short-term correction.

Technically, the hourly chart indicators are well above their midlines and gaining momentum.

Can Ether Price Retain Momentum?

Yesterday, we saw how Ether buyers battled near $276.00 and prevented further declines against the US dollar. Later, the price was able to gain further strength and succeeded in piercing the $290.00 resistance.

The ETH/BTC pair also recovered more than 4 percent and was able to move above 0.040BTC. It needs to stay above the mentioned 0.040BTC for a decent recovery in the near term.

The 4-hour chart of ETH/USD suggests how the pair found strong bids near a crucial support at $276.00-$275.00. There was a solid bounce and the pair is currently attempting a 4-hour close above the $290.00 resistance and a bearish trendline on the same chart.

Should there be a 4-hour close above $290.00, Ether’s price could even break $300.00 for a run towards the all-important $310.00 resistance.

Dropping down to the hourly chart of ETH/USD, a bullish candle overlapped the previous candle to initiate a strong recovery. The pair gained momentum, broke a bearish trendline at $288.00, and settled above the 50 percent Fibonacci retracement level of the last drop from the $311.32 high to $276.83 low.

It seems like the price is now heading toward $300.00 and will most likely break the 61.8 percent Fibonacci retracement level of the last drop from the $311.32 high to $276.83 low.

Above $300.00, the next major upside hurdle sits at $310.00-$311.00. In the way, a minor resistance stands at $306.00. To the downside, soft support in ETH/USD is at $292.00. Below this, the $290.00 level is another support (previous resistance) and further declines would turn the focus to the all-important $276.00 support.

The overall bias is positive in the short-term and immediate risk is tilted to the upside toward $300.00 and higher as long as $290.00 is intact.

Hourly RSI

The RSI is currently at 60 and moving north.

Important Resistance Levels

$298.00 and $306.00

Important Support Levels

$292.00 and $290.00

Hourly MACD

The MACD is gaining strength in the bullish zone.

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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