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Ether started a new leg higher against the US Dollar, while slipping by 5% versus bitcoin. ETH/USD is trending higher and likely to challenge $340.00 once again.

Technically, the 2-hour chart indicators declined sharply and moved into the bearish territory.

Ether Price to Retest $340?

There is no change in the near term for ETH/USD as it managed to hold key support levels and recover after yesterday’s sharp decline.

The past couple of sessions were mostly bullish for Ether’s price as it was well bid and moved above $315.00-320.00. There was a break above a short-term bearish trendline at $310.00 on the hourly chart.

The price slowly moved higher and is currently trading above the 50 percent Fibonacci retracement level of the last drop from the $345.24 high to $293.11 low.

Looking at the hourly chart of ETH/USD, there is a key bullish trendline forming with support at $318.00. On the upside, a connecting resistance trendline at $325.00 is preventing further gains.

A successful breach of the resistance trendline at $325.00 would push the pair towards the next hurdle at $340.00-345.00. Trading a few points above $320.00, the pair maintains a bullish bias according to intraday technical readings, with the hourly chart showing that Ether’s price is well above a bullish 21 SMA.

Ethereum ETH/USD Forecast

Below the trendline support at $318.00 the next short term support comes at $310.00, en route to the $300.00 zone, where ETH/USD has a strong support.

The 4-hour chart also suggests a bullish stance with back to back green candles. On the downside, there is a crucial bullish trendline with current support at $298.00.

The overall trend is positive with an immediate resistance at $325.00 and gains favoring an approach to the $340.00-345.00 region.

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