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Ether Price Analysis
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Ethereum Forecast: Can ETH/USD Bounce Back?





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. 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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