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Ether Price Analysis – Ethereum Price Analysis: ETH/USD Approaching Break

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Ether price remained subdued against the US dollar and bitcoin. Only a clear break above $340.00 could take ETH/USD towards $375.00.

Technically, the 4-hour chart indicators are flat and struggling to gain momentum in the bullish territory.

Ether Price Awaits Catalyst

Yesterday, we discussed how ETH/USD is facing difficulties in surpassing $340.00. The pair failed to move above that mark and traded within range. ETH/BTC was almost flat with no substantial move above 0.072BTC.

Ethereum ETH/USD Forecast

Looking at the 2-hour chart of ETH/USD, there are three important points to note. First, the pair was rejected from the $275.00 level and moved back into the bullish zone. Second, there was a break above a bearish trendline at $330.00, which is a positive sign.

Finally, there is a crucial resistance in place near $335.00-340.00. The stated $340.00 level was a support earlier and is now preventing an upside break.

Moreover, the $335.00-336.00 levels are near the 50 percent Fibonacci retracement level of the last drop from the $395.41 high to $275.82 low.

Therefore, only a proper close above the $340.00 resistance would open the doors for a retest of $375.00. Moving on to the hourly chart of ETH/USD, there are two bullish trendlines with support near $330.00.

Ether Price Analysis Chart

The mentioned $330.00 support is a short-term break point for Ether. If sellers manage to push the price below $330.00, there can be an extension of the current correction towards the 50 percent Fibonacci retracement level of the last wave from the $275.82 low to $341.68 high around $308.00.

On the upside, there is a connecting bearish trendline at $335.00. Should Ether’s price extend beyond $335.00, there is scope to test $340.00. $375.00 is the next possible bullish target.

To sum up, a key support comes at $330.00. Only below this last, ETH/USD bullish pressure will ease in the short term.

Disclaimer:

The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

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Ether Price Analysis - Ethereum Price Analysis: ETH/USD Approaching Break
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