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Ether Price Analysis
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Ethereum Forecast: ETH/USD Dips Remain Supported





Ether remains in a solid uptrend against the US dollar while consolidating versus bitcoin. ETH/USD might soon break $372.00 for a push toward $385.00.

Key Highlights

Ether after trading to a new monthly high at $372.91 against the US dollar corrected sharply toward $350.00.
Two important bullish trendlines with current support at $358.00 on the 2-hour chart prevented declines in ETH/USD.
ETH/BTC is consolidating in a range near 0.044BTC and is preparing for the next move.

Technically, the 2-hour chart indicators are moving higher after retreating once in the bullish territory.

Will Ether's Price Soon Break $372?

There were further gains in ETH/USD above $360.00, but the $372.00 resistance acted as a major hurdle. A new monthly high was formed at $372.91 before the pair declined sharply below $360.00.

Ether Price Analysis Chart

Looking at the 30-minute chart of ETH/USD, the pair declined from $372.91 and broke a key connecting bullish trendline. The downside move was strong as there was a break below $360.00 and $355.00.

A low was formed at $350.71 where buyers protected further declines. Later, the pair started an upside move and was successful in breaking the 50 Fibonacci retracement level of the last decline from the $372.91 high to $350.71 low.

An ascending channel is forming on the same chart with current support at $365.00. It seems like Ether will most likely retest the $372.00 resistance area since the price is well above the 61.8 Fibonacci retracement level of the last decline from the $372.91 high to $350.71 low.

A break above the mentioned $372.00 is crucial for a push in Ether’s price toward $385.00 or even $400.00. Moving on to the 2-hour chart of ETH/USD, there are two important bullish trendlines forming with current support at $358.00.

Ethereum Price ETH USD Forecast

These trendlines were able to protect further losses during the last decline from $372.91. Having said that, $370.00-372.00 is acting as a significant resistance and it has already protected an upside break on three occasions.

To sum up, ETH/USD has recovered well from $350.71, but the pair needs to surpass the $372.00 resistance to continue gaining bullish momentum.

Important Resistance Levels

$372.00 and $385.00

Important Support Levels

$365.00 and $358.00

30-minute RSI

The RSI is moving higher toward the 70 level.

30-minute MACD

The MACD is gaining momentum 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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