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Ether Price Analysis
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Ethereum Forecast: ETH/USD Holding Important Support





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. 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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