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Ether Price Analysis
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Ethereum Forecast: Why $340 is Significant for ETH/USD





Ether is gaining momentum against the US dollar while struggling versus bitcoin. ETH/USD has to move past $340.00 for further upsides in the near term.

Key Highlights

Ether is in the bullish zone above $325.00 against the US dollar and is eyeing further gains.
There is a major connecting resistance trendline forming on the 4-hour chart of ETH/USD which is preventing gains near $340.00.
ETH/BTC failed to hold gains and traded lower by more than 8 percent toward 0.046BTC.

Technically, the hourly chart indicators are correcting lower from the overbought levels.

Can Ether Price Break $340?

There was no major downside move in ETH/USD during the past three sessions and the pair was able to hold gains above the $325.00 level.

On the other hand, the ETH/BTC pair failed to remain above 0.050BTC and tumbled by more than 8 percent, since there was a sharp recovery in bitcoin price above $6,500 versus the US dollar. It played a major role in prevention of gains above $335.00-340.00 in Ether’s price.

Ethereum Price ETH USD Forecast

Looking at the 4-hour chart of ETH/USD, the pair is in a decent uptrend above $320.00. However, there is a connecting trendline forming with current resistance near $340.00. It recently stopped an upside break on two occasions near $337.00 and $339.58.

A successful close above the trendline resistance at $340.00 could open the doors for further upsides in Ether’s price toward $350.00 or even $360.00.

On the downside, there are two bullish trendlines forming with supports at $330.00 and $320.00, which are likely to act as a strong hurdle for substantial declines in the near term.

Ether Price Chart Analysis

Moving on to the hourly chart of ETH/USD, the pair is currently trading near a bullish trendline with support at $331.00. Below, there is another trendline positioned at $325.00.

Overall, as long as the pair is above the $325.00 and $320.00 support levels, it remains in an uptrend. To the topside, a break above $340.00 would be a solid bullish signal for further gains in ETH/USD toward $350.00 and $360.00.

Important Resistance Levels

$340.00 and $350.00

Important Support Levels

$325.00 and $320.00

4-hour RSI

The RSI is approaching the overbought levels.

4-hour MACD

The MACD is gaining momentum 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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