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Ethereum Forecast: ETH/USD Basing For Next Move

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is consolidating above $320.00 against the US dollar but weakening further versus bitcoin. ETH/USD seems to be basing above $305.00 for the next move.

Key Highlights

Ether remains in a major uptrend with supports at $320.00 and $305.00 against the US dollar.
There is an important ascending channel forming with support at $305.00 on the 6-hour chart of ETH/USD.
ETH/BTC extended its decline toward 0.042BTC and remained in the bearish zone.

Technically, the 2-hour chart indicators are flat above their mid-levels and pointing a bullish bias.

Ether Price to Break Higher?

There were mostly ranging moves in ETH/USD during the past three sessions above the $320.00 support and the pair remained in the bullish zone.

On the other hand, ETH/BTC continues to decline and it recently moved toward 0.042BTC. Bitcoin traded at a new all-time high above $8,000, pressuring ETH/BTC. However, ETH/USD was mostly stable during ETH/BTC’s decline.

Ethereum Price ETH USD Forecast

Looking at the 6-hour chart of ETH/USD, there is an important ascending channel forming with support at $305.00. The pair recently traded near the channel resistance at $339.58 and failed to break higher. At the moment, the pair is consolidating gains above the $320.00 support.

The channel might continue to play a major role for ETH/USD and as long as the support at $305.00 is intact, the pair remains in a significant uptrend. On the upside, the channel resistance is now just above $340.00.

An initial support on the downside is near $320.00, followed by the 50 percent Fibonacci retracement level of the last leg from the $286.10 low to $339.58 high near $312.00. However, the most important support is $305.00 (channel lower trendline).

Ether Price Analysis Chart

Moving on to the 2-hour chart of ETH/USD, there is a connecting bullish trendline with support at $325.00. On the upside, there is a bearish trendline with current resistance near $332.00.

A successful close above $332.00 could trigger further gains toward the 4-hour chart channel resistance around $340.00. The overall price action suggests a bullish picture if ETH/USD stays above $305.00.

Important Resistance Levels

$332.00 and $340.00

Important Support Levels

$325.00 and $320.00

2-hour RSI

The RSI is just above the 50 level and is showing positive signs.

2-hour MACD

The MACD is stable 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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