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Ether extended gains against the US Dollar and Bitcoin. ETH/USD tested the $350.00 resistance, corrected lower and finally started a new bullish wave.

Technically, the hourly chart indicators corrected the overbought levels, but remain in the bullish territory.

Ether Price Remains in Uptrend

In the weekly forecast, we discussed the chances of ETH/USD breaking the $345.24 high. The pair did move past the mentioned benchmark before trading at a new monthly high of $350.28.

The overall market sentiment improved and helped ETH/BTC to recover from 0.075BTC. The pair is currently approaching an important support turned resistance at 0.080BTC.

The hourly chart of ETH/USD shows a strong sell wall near $350.00. There were two attempts to surpass that mark, but buyers failed to gain momentum. As a result, a correction wave was initiated below $345.00.

The pair moved down and traded towards the $335.00 support (previous resistance) and two bullish trendlines. The trendlines and the $335.00 level acted as a strong support, preventing further declines in Ether’s price.

The 50 percent Fibonacci retracement level of the last leg from the $325.72 low to $350.28 high also played its part and prevented sellers from taking control. The pair is currently moving back into the bullish zone and eyeing a retest of $345.00.

Ethereum ETH/USD Forecast

Looking at the 4-hour chart of ETH/USD, the pair was rejected from a connecting resistance trendline at $350.00. On the downside, the pair is holding a crucial bullish trendline with current support at $337.00.

A successful hourly close below $337.00 followed by $335.00 would take the price further lower towards the next bullish trendline at $326.00.

The ETH/USD pair presents a bullish stance in the near term, albeit the mentioned $345.00-350.00 region has proved strong multiple times and would need to surpass it before rallying up to $375.00, another strong static resistance area.

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