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Ethereum Forecast: ETH/USD Short-term Correction

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is correcting lower against the US Dollar while holding gains versus bitcoin. ETH/USD might resume its uptrend after the current correction is over.

Key Highlights

Ether climbed to a new monthly high at $329.23 against the US Dollar before starting a short-term correction.
There was a break below a key bullish trendline with support at $320.00 on the 2-hour chart of ETH/USD.
ETH/BTC broke the 0.045BTC resistance and is currently trading in the positive zone.

Technically, the 2-hour chart indicators are retreating from the overbought levels.

Ether Price Remain in Uptrend

There were further gains in ETH/USD yesterday as the pair moved above the $320.00 level and traded to a new monthly high at $329.23.

On the other hand, the ETH/BTC pair is slowly gaining pace and moved above the 0.045BTC resistance area. It might continue to move higher and trade toward 0.048BTC in the near term.

Ether Price Analysis Chart

The 2-hour chart of ETH/USD suggests that the pair had a good bullish run from the $287.67 swing low and broke the $320.00 and $325.00 resistance levels. A new monthly high was formed at $329.23 before the pair started a downside correction.

The pair has moved down and traded below the 23.6 percent Fibonacci retracement level of the last wave from the $287.67 low to $329.23 high. Sellers also succeeded in breaking a key bullish trendline with support at $320.00.

It seems like the pair is heading toward the $305.00 and $304.00 support levels. The stated $305.00 support is important since it is the 50 percent Fibonacci retracement level of the last wave from the $287.67 low to $329.23 high.

Ethereum Price ETH/USD Forecast

If Ether’s price is above the $304.00 level, the current wave remains corrective. Once the current correction is complete, the price would resume its uptrend.

The overall trend remains bullish and the current short-term correction should complete around $304.00. Should buyers fail to hold the $304.00 support, there are chances of more declines toward a bullish trend line with support at $296.00 on the 6-hour chart.

Important Resistance Levels

$320.00 and $330.00

Important Support Levels

$305.00 and $304.00

2-Hour RSI

The RSI is correcting lower from the overbought levels.

2-Hour MACD

The MACD remains in the bullish zone with signs of a correction.

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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