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Ether Price Analysis
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Ethereum Forecast: ETH/USD at Short-term Crossroads





Ether is trading above key supports against the US dollar and bitcoin. ETH/USD must stay above $290.00 to challenge $311.00 once again.

Key Highlights

Ether succeeded in settling above the $290.00 pivot and avoided further declines against the US dollar.
ETH/USD is currently trading near a bullish trendline with support at $295.00 on the hourly chart.
ETH/BTC is holding gains and consolidating above the 0.041BTC level.

Technically, the 4-hour chart indicators are back in the bullish territory.

Can Ether Price Retest $311?

Yesterday, ETH/USD succeeded in holding the $290.00 support area and moved above the $300.00 handle. However, the upside move was capped by a minor resistance at $306.00-$307.00.

Ether Price Analysis Chart

Looking at the hourly chart of ETH/USD, the pair is showing a lot of bullish signs and positive price action from the $276.83 low. It recently traded above the $300.00 handle and formed a new intraday high at $307.59 before starting a short-term correction.

During the recent correction, the pair broke the 23.6 percent Fibonacci retracement level of the last wave from the $276.83 low to $307.59 high. Moreover, there was a break below a connecting bullish trendline at $300.00 on the same chart.

However, the downside move was protected by another bullish trendline with current support at $295.00. Ether is likely to hold the mentioned trendline support at $295.00. Should there be a break below $295.00, there can be a test of the $290.00 pivot level (acted as support and resistance on many occasions).

The 50 percent Fibonacci retracement level of the last wave from the $276.83 low to $307.59 high near $292.00 is also an important support before $290.00.

Ethereum Price ETH/USD Forecast

Moving on to the 4-hour chart of ETH/USD, there is broad range forming with support at $275.00 and resistance at $311.00. An intermediate pivot is at $292.00-$290.00. The pair is currently approaching this range, which would either prevent declines or ignite a downside reaction toward $275.00.

To sum up, there can be more ranging moves in Ether’s price before ETH/USD makes the next move either above $311.00 or below $275.00 in the near term.

Important Resistance Levels

$307.00 and $311.00

Important Support Levels

$292.00 and $290.00

4-Hour RSI

The RSI is currently heading toward the 50 level.

4-Hour MACD

The MACD is now placed well 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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