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Ethereum Forecast: ETH/USD Dips Remain Supported

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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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