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Ethereum Forecast: ETH/USD Could Continue To Trade Higher





Ether gained traction above $360.00 against the US dollar while remaining stable versus bitcoin. ETH/USD is now well supported above $340.00 for further upsides.

Key Highlights

Ether made a nice upside move and traded above $370.00 against the US dollar before correcting lower.
There is a major support area forming near $340.00 on the 4-hour chart of ETH/USD.
ETH/BTC is stable around 0.044BTC but shows no sign of a bullish move.

Technically, the 4-hour chart indicators remain elevated in bullish territory.

Ether Price Remains Supported

The past three sessions were very bullish for ETH/USD as the pair was able to move above the $360.00 level. A new monthly high was formed at $371.00 before a short-term correction was initiated.

Ether Price Analysis Chart

Looking at the hourly chart of ETH/USD, there were back-to-back bullish candles which pushed the pair above the $370.00 level. Later, buyers struggled to retain momentum and the pair corrected below the 23.6 Fibonacci retracement level of the last wave from the $325.39 low to $371.00 high.

However, the downside move was protected by a crucial bullish trendline with current support at $355.00. There was a test of the 50 Fibonacci retracement level of the last wave from the $325.39 low to $371.00 high.

It seems like Ether completed a short-term correction near $348.00-350.00 and is currently following the trendline closely. On the upside, there is a connecting bearish trendline forming with resistance at $362.00.

A successful close above $362.00 would mean that the stated correction is over and Ether’s price will most likely resume its uptrend above $365.00 in the near term.

Should there be a break of the $355.00 support, the price could test the $340.00 support area and the 61.8 Fibonacci retracement level of the last wave from the $325.39 low to $371.00 high.

Ethereum Price ETH USD Forecast

The 4-hour chart of ETH/USD shows the importance of the $340.00 support area. There is a bullish trendline with horizontal support near $340.00.

Therefore, any major dips from the current levels are likely to find buyers near $340.00. The overall trend remains bullish with resistances near $362.00 and $371.00.

Important Resistance Levels

$362.00 and $371.00

Important Support Levels

$355.00 and $340.00

Hourly RSI

The RSI is currently near 62 and is moving north.

Hourly MACD

The MACD remains well positioned 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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