Ethereum Price is Slowly Correcting Higher

Ethereum Price is Slowly Correcting Higher

Ether’s price is slowly correcting higher against the US dollar. ETH/USD may perhaps see further gains if it settles above the $365.00 level.

Ether’s price is finding a strong buying interest near the significant support at $350.00 against the US dollar.The 30-minute chart of ETH/USD is indicating a short-term bullish break above the $360.00 resistance.ETH/BTC is currently consolidating in a range above the 0.0550BTC support.

Technically, the 2-hour chart indicators are signaling a fresh bullish wave."Ethereum Price is Slowly Correcting Higher"

Ether Price Analysis

Yesterday, we discussed a significant support zone near $350.00-360.00 for ETH/USD. The pair did test the $350.00 support and attempted a recovery, but progress was capped by the $365.00 resistance.ETH/BTC found bids near the 0.0560BTC level and is currently trading in a range. The pair could correct higher to test the 0.0580BTC resistance.

Ether Price Analysis ETH

Looking at the 30-minute chart of ETH/USD, the pair tested the $350.00 support on two occasions and rebounded. It moved above the $356.00 level and traded a few points above $360.00. Moreover, the price breached the 50 Fibonacci retracement level of the most recent drop from the $369.36 high to $348.53 low.

Ether buyers succeeded in keeping the price above $360.00, which is a positive sign. However, the price must settle above $365.00 and a bearish trendline on the same chart to rise further.

Should Ether fail to settle above $365.00, the price will most likely retest $350.00. The next key support below $350.00 awaits near $340.00, which is a Fibonacci extension level.

Ethereum Price Forecast ETH

Moving up to the 2-hour chart of ETH/USD, it seems like the pair is preparing for the next break which could either be toward $365.00 or $350.00.

Considering the current oversold conditions and technical structure, there are high chances of an upward move in Ether and a reasonable recovery toward the $365.00 and $378.00 levels. Should it continue to climb, the price may well test the broken support at $400.00 (now resistance).

Important Resistance Levels

$365.00 and $378.00

Important Support Levels

$355.00 and $350.00

2-hour RSI

The RSI is indicating a divergence, which could result in a recovery.

2-hour MACD

The MACD is slowly reducing its bearish slope.

Ethereum is Recovering Some of the Lost Ground

Ethereum Price is Climbing Up

Ethereum Price is Preparing for the Next Break