Prediction of Ethereum prices: support for the trend of the Ether test keys

3 September 2018 14:50

Key Points

Ether corrected lower and tested major support for $ 285.00 against the US dollar.

A crucial upward trend line is in place with $ 285.00 support on the 2-hour chart of the Eth / USD

ETH / BTC broke the 0.0400BTC key support and moved further into the bearish zone.

Technically, the 2-hour chart indicators are currently close to the midline lines in the bullish territory.

Analysis of the prices of the ether

After trading up to $ 302.26, the ETH / USD started a downward correction. The pair fell below support levels $ 300.00 and $ 290.00 before finding deals near the previous resistance (now support) for $ 285.00.

On the negative side, ETH / BTC is trading under the key support at 0.0400BTC. However, losses were limited and it appears that the pair could find support near 0.0390BTC or 0.0385BTC and go back above 0.0400BTC.

Looking at the 2-hour ETH / USD chart, the pair followed a decreasing trend and broke the $ 294.00 and $ 290.00 support levels. Ether even surpassed the Fibonacci retracement level of 38.2 percent of the last recovery from the low of $ 272.45 to $ 302.26.

However, the previous resistance close to $ 285.00 served as support along with a bullish uptrend line on the same chart and 50 percent Fibonacci retracement level of the last recovery.

Ether's price is currently positioned well above the $ 285.00 support, but it must overcome a bearish trendline with resistance at $ 292.00 to start a new upward move. Conversely, a 2-hour closing below the support could trigger further weaknesses towards the $ 280.00 and $ 278.00 levels.

Turning to the 30-minute chart of the ETH / USD, it appears that the pair is completing a correction scheme from the high of $ 302.26. There may be a last drop before the Ether buyers appear for a boost above the resistance levels of $ 292.00 and $ 295.00.

In general, Ether must stay above the $ 285.00 support to recover. Otherwise, there is a risk of an extended correction towards the $ 280.00 level.

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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