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Ether's price is slowly correcting itself against the US dollar. The ETH / USD may perhaps see further gains if it settles above the $ 365.00 level.
Key Points
Ether's price is experiencing strong buying interest close to significant support of $ 350.00 compared to the US dollar.
The 30-minute ETH / USD chart indicates a short-term bullish break above the resistance of $ 360.
ETH / BTC is currently consolidating in a range above support 0, 0550BTC.
Technically, the 2-hour chart indicators signal a new confident wave.
Analysis of the prices of the ether
Yesterday we discussed a significant support zone close to $ 350.00-360.00 for ETH / USD. The pair tested the $ 350.00 support and attempted a recovery, but progress was limited by the resistance of $ 365.00.
ETH / BTC found offers near the 0.0560BTC level and is currently trading in a range. The pair could correct higher to test the 0.0580BTC resistance.
Looking at the 30-minute ETH / USD chart, the pair tested the $ 350.00 support on two occasions and rebounded. It moved above the $ 356.00 level and traded a few points over $ 360.00. In addition, the price violated the 50 Fibonacci retracement level of the most recent decline from $ 369.36 to $ 348.53.
Ether buyers have managed to keep the price above $ 360.00, which is a positive sign. However, the price must be above $ 365.00 and a bearish trendline on the same chart to increase further.
If Ether fails to pay over $ 365.00, the price will most likely repeat $ 350.00. The next key support under $ 350.00 waits close to $ 340.00, which is a Fibonacci extension level.
Turning to the 2-hour chart of Eth / USD, it seems that the couple is preparing for the next break that could be towards $ 365.00 or $ 350.00.
Considering the current oversold conditions and technical structure, there are high probabilities of a move upward in Ether and a reasonable recovery towards $ 365.00 and $ 378.00 levels. If it continues to rise, the price could test the broken support at $ 400.00 (now resistance).
Important Strength Levels
$ 365.00 and $ 378.00
Important Support Levels
$ 355.00 and $ 350.00
2- Hour RSI
L & # 39; RSI indicates a divergence, which could entail a recovery.
2-hour MACD
The MACD is slowly reducing its downward slope.
Aayush spent over seven years as a marketing contributor and observer. He specialized in market strategies and technical analysis. It strives to provide entertaining and informative analyzes on the currency and commodity markets. He is a software engineer by profession and loves blogs.
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