Ether’s price remained in a bearish zone against the US dollar and bitcoin. ETH/USD could rebound, but it is likely to face many hurdles on the upside.
Ether’s price tested the $305.00 support area and is currently correcting higher against the US dollar.
A crucial resistance is forming near the $365.00 zone on the 12-hour chart of ETH/USD.
ETH/BTC could stage a comeback toward the 0.0550BTC resistance in the near term.
Technically, the 12-hour chart indicators are slowly recovering in the bearish territory.
Ether Price Analysis
This past week, there were heavy declines in ETH/USD as the pair settled below the $400.00 support. The decline was such that the pair even broke the $350.00 support and traded to a new yearly low at $305.38.
ETH/BTC also dropped sharply and broke an important support near 0.0550BTC. The 0.0500BTC support holds a lot of significance and could produce a decent recovery toward 0.0550BTC.
Starting with the 12-hour chart of ETH/USD, the pair fell significantly and cleared many important supports like $400.00, $350.00 and $340.00. Ether is currently in the longest bearish streak this year as it dropped to a new yearly low at $305.38.
The price later started an upward correction and is currently trading above the $320.00 resistance. Ether also moved above the 23.6 percent Fibonacci retracement level of the last decline from the $362.00 swing high to $305.38 low.
However, there are many hurdles on the upside near the $340.00 and $350.00 levels. There is also a connecting bearish trend line with resistance at $365.00 on the same chart.
The 2-hour chart indicates that the $330.00 level is a short-term hurdle along with a bearish trendline. Moreover, the 50 percent Fibonacci retracement level of the last decline could also prevent gains.
Overall, Ether’s price may continue to correct higher in the short term toward the $330.00 and $340.00 resistance levels. Above this, the $350.00 and $365.00 levels are crucial barriers for a larger upward wave.
On the flip side, a bearish break below the $305.00 and $300.00 support levels might ignite heavy declines toward $265.00 and $250.00.
Important Resistance Levels
$330.00 and $350.00
Important Support Levels
$305.00 and $300.00
The RSI is slowly recovering from the oversold zone.
The MACD is placed heavily in the bearish zone.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.
ETHNews is commited to its Editorial Policy
Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Ether Price, Ether Price Chart and Ethereum Analysis News.
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.