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Ethereum Forecast: ETH/USD Holding Important Support

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether recovered from a key support against the US dollar while declining further versus bitcoin. ETH/USD has to stay above $320.00 to remain positive.

Key Highlights

Ether corrected lower recently and tested an important support above $320.00 against the US dollar.
There is a crucial bullish trendline forming with support at $321.00 on the 2-hour chart of ETH/USD.
ETH/BTC’s struggle continues and the pair traded below the 0.045BTC support.

Technically, the 2-hour chart indicators corrected lower but remains in the bullish territory.

Ether Price Remains Bullish

Yesterday, we discussed the significance of the $340.00 resistance and $320.00 support. It seems like both the mentioned levels are playing important roles for ETH/USD.

Alternatively, there was no recovery in ETH/BTC and the pair extended declines below 0.045BTC. There were further gains in bitcoin price which pressured buying sentiment for both ETH/USD and ETH/BTC.

Ethereum Price ETH USD Forecast

Starting with the 2-hour chart of ETH/USD, the pair started a downside correction from the $339.58 high. It traded below the 23.6 percent Fibonacci retracement level of the last wave from the $286.10 low to $338.58 high.

However, the downside move found bids near a crucial bullish trendline with current support at $321.00. The trendline support is playing an important role in preventing further declines below $320.00.

Should there be a close below $320.00, the next support is the 50 percent Fibonacci retracement level of the last wave from the $286.10 low to $338.58 high around $312.00.

On the flip side, if the price recovers and stays above $320.00, then it will most likely move above $330.00 in the near term. Moving on to the 30-minute chart of ETH/USD, the pair has started an upside move and recently broke a connecting bearish trendline at $325.00.

Ether Price Analysis Chart

If the recent break is true, Ether’s price will most likely head toward $330.00. Above $330.00, the most significant resistance around $340.00 could be tested.

On the downside, an immediate support is at $325.00. A break of the mentioned $325.00 support would push ETH/USD back toward the trendline support at $321.00.

Important Resistance Levels

$330.00 and $340.00

Important Support Levels

$325.00 and $320.00

2-hour RSI

The RSI has corrected lower and is currently near 55.

2-hour MACD

The MACD has reduced its bullish slope but still in the positive 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

ETHNews is commited to its Editorial Policy

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