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Ethereum Forecast: Can ETH/USD Bounce Back?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether made a U-turn against the US Dollar whereas it remains stable versus bitcoin. ETH/USD is currently holding the $290.00 support and is attempting a recovery.

Key Highlights

Ether tumbled during the past three sessions and even broke the $300.00 handle against the US Dollar.
ETH/USD tested an important support area near $290.00 and a bullish trendline on the 6-hour chart.
ETH/BTC remained stable since there was a sharp reversal in bitcoin price.

Technically, the 2-hour chart indicators are recovering from the oversold readings.

Ether Price Testing Important Support

ETH/USD failed to hold gains above the $320.00 level and trimmed almost all its monthly gains after trading as high as $329.23.

Ether Price Analysis Chart

The pair made a sharp U-turn and started a decline from the $329.23 swing high. First, there was a dip below the $310.00 pivot level, which opened the doors for more losses. Second, buyers failed to hold a major support area at $304.00.

Finally, there was a break below the 61.8 percent Fibonacci retracement level of the last wave from the $287.67 low to $329.23 high. It pushed the price back toward the last swing low of $287.67.

The price traded as low as $289.73 and when looking at the 2-hour chart of ETH/USD, it seems like the $290.00 support region is holding the current decline. The pair is currently correcting higher, but the same broken support at $304.00 is once again acting as a resistance.

Above $304.00, there is a bearish trendline forming with resistance at $312.00. Moving on to the 6-hour chart of ETH/USD, the pair is clearly finding strong buying interest near $290.00 and a bullish trendline with current support at $296.00.

Ethereum Price ETH/USD Forecast

To the topside, the $311.00 resistance will most likely act as a crucial barrier for the current recovery. A successful close above $311.00 would negate the current short-term bearish bias.

On the downside, the $290.00 support holds a lot of importance in the short term. Below $290.00, Ether’s price could test the next major support near $280.00. Overall, there can be ranging moves above $290.00 before ETH/USD attempts an upside move toward $311.00.

Important Resistance Levels

$304.00 and $311.00

Important Support Levels

$290.00 and $280.00

2-Hour RSI

The RSI is correcting higher from the oversold levels.

2-Hour MACD

The MACD is currently showing bearish signs with a minor divergence.

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

ETHNews is commited to its Editorial Policy

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