Prediction of Ethereum prices: Ether could fight for the rebound

Key Points

Ether's price tested the $ 305.00 support area and is currently increasing 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 implement a return to resistance 0.0550BTC in the short term.

Technically, the 12-hour chart indicators are slowly recovering in bearish territory.

Analysis of the prices of the ether

Last week there were heavy falls in the ETH / USD as the pair settled below the support of $ 400.00. The decline was such that the pair even broke the support of $ 350.00 and traded at a new annual low of $ 305.38.

ETH / BTC also fell sharply and broke important support near 0.0550BTC. The 0.0500BTC support has a lot of meaning and could produce a decent recovery towards 0.0550BTC.

Starting with the 12-hour ETH / USD chart, the pair has declined significantly and has eliminated many important media such as $ 400.00, $ 350, 00 and $ 340.00. The ether is currently in the longest downtrend strip this year, since it has fallen to a new annual low at $ 305.38.

The price later started an upward correction and currently trades above the resistance of $ 320.00. Ether also moved above the Fibonacci retracement level of 23.6 percent of the last decline from the low of $ 362.00 to $ 305.38 low.

However, there are many upside obstacles near the $ 340.00 and $ 350.00 levels. There is also a downtrend line with resistance at $ 365.00 on the same chart.

The 2-hour chart indicates that the $ 330.00 level is a short-term obstacle along with a downtrend line. Furthermore, the 50% retracement level of Fibonacci from the last decline could also prevent gains.

Overall, the price of Ether may continue to correct higher in the near term towards resistance levels $ 330.00 and $ 340.00. Above this, the $ 350.00 and $ 365.00 are crucial obstacles for a higher wave to the top.

The downside, a bearish break below $ 305.00 and $ 300.00 support could trigger heavy downturns towards $ 265.00 and $ 250.00.

Aayush spent over seven years as a contributor and observer of the financial markets. 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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