Categories: Ethereum

Ethereum Price Forecast: Can Ether Rebound?

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Key Highlights

Ether’s price is finding a strong buying interest near the significant support at $350.00 against the US dollar.

Technically, the 2-hour chart indicators are signaling a fresh bullish wave.

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.

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.

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).

Aayush Jindal

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.

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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.

Ether’s price is finding a strong buying interest near the significant support at $350.00 against the US dollar.

Technically, the 2-hour chart indicators are signaling a fresh […]

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