News Ether Price Analysis - ETH/USD Forecast: Ether Retreats from...

Ether Price Analysis – ETH/USD Forecast: Ether Retreats from $350

-

- Advertisment -Ether Price Analysis - ETH/USD Forecast: Ether Retreats from $350

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.

Ether Price Technical Analysis Chart

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.

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.

Source link

Ether Price Analysis - ETH/USD Forecast: Ether Retreats from $350
Bitnewsbot.comhttps://bitnewsbot.com
BitNewsBot.com aggregates the latest news around bitcoin, blockchain, cryptocoin, ICO's and FinTech, from all around the internet and publishes them in a single place.

Latest news

Reasons To Prefer Slot Games Even When You Are Losing

Oh what a wonderful world the slot machine industry is, full of technological evolution and the all-important...

Advice for Responsible Slot Gambling From an ex Addict

Thanks to a combination of improved gameplay and their availability on remote devices, the slots you can...

When You Should Stop Playing Bingo

Since its inception in the late 1800s, Bingo has enjoyed a remarkable rise to popularity, being a...

Why Bitcoin Will Succeed?

If Bitcoin will succeed or not is an interesting question. For the time being, Bitcoin holds a...
- Advertisement -Ether Price Analysis - ETH/USD Forecast: Ether Retreats from $350Ether Price Analysis - ETH/USD Forecast: Ether Retreats from $350

Elon Musk Tweets That “Bitcoin” Is Not His Safe Word

By now, you probably know that Elon Musk appears to have knocked up his girlfriend, Grimes. And just when you...

Bitcoin Can Gain 100% In 2020 – Halving Not Priced In, Says Fundstrat

Authored by William Suberg via CoinTelegraph.com, Bitcoin can deliver 100% returns to investors in 2020 and may rise significantly in...

Must read

Reasons To Prefer Slot Games Even When You Are Losing

Oh what a wonderful world the slot...

Advice for Responsible Slot Gambling From an ex Addict

Thanks to a combination of improved gameplay...
- Advertisement -Ether Price Analysis - ETH/USD Forecast: Ether Retreats from $350Ether Price Analysis - ETH/USD Forecast: Ether Retreats from $350

You might also likeRELATED
Recommended to you