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Ether Price Analysis
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Ethereum Forecast: ETH/USD Basing For Next Move





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. 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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