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

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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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