News Ether Price Analysis - ETH/USD Forecast: Bullish Sentiment Unchanged

Ether Price Analysis – ETH/USD Forecast: Bullish Sentiment Unchanged

-

- Advertisment -

Ether is holding ground against the US dollar and recovered a bit versus bitcoin. ETH/USD struggled near $310.00 yesterday but remains well bid.

Technically, the 2-hour chart indicators are comfortably placed in the bullish territory.

Ether’s Price Struggle to Break Higher Continues

ETH/USD price action stays sidelined above $290.00 for the time being, navigating the upper bound of the range near $319.00.

Ether Price Analysis Chart

Yesterday’s drop in Ether’s price can be considered an extended correction and leaves room for a sustained bullish attempt. However, a consistent increase in the bearish pressure on ETH/BTC contained gains in ETH/USD.

There was a correction wave from yesterday’s high of $310.25 towards the $298.00-295.00 support zone. The mentioned support and the 23.6 percent Fibonacci retracement level of the last wave from the $271.36 low to $310.25 high protected the pair from moving towards $290.00.

There is a key bullish trendline with current support at $299.00 forming on the 2-hour chart. It can play a major role for the next move in ETH/USD. Below $299.00, there is a room for declines towards $290.00.

On the upside, an initial resistance is yesterday’s high at $310.25. Above $310.00, the price would make an attempt to test the upper end of the range at $319.00.

Ethereum ETH/USD Forecast

Looking at the 6-hour chart of ETH/USD, there is an extended trend consolidation forming with support at $275.00 and resistance near $319.00.

Unless there is a proper close above $320.00, the price is likely to trade inside the range. The overall market sentiment is bullish for Ether, but it lacks momentum to break higher at the moment.

In the short term, Ether’s price presents a neutral-to-bullish stance, given that in the 6-hour chart, it’s hovering around a bullish 20 SMA and remains well supported on the 2-hour chart.

Disclaimer:

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.

Source link

Latest news

5 Major Industries That Accept Bitcoin Payments In 2020

Cryptocurrencies caused quite a stir when they first appeared. Most people didn’t know what to make of...

Bitfinex Is Paying hackers to recover stolen Bitcoin from 2016 hack.

How can you trace $1.3 billion dollars from a Bitcoin heist? The Bitfinex cryptocurrency exchange offers the...

How to Make Margin Trading More Profitable Than Spot Trading

In the financial sector, there are different ways of trading assets and commodities, Both spot trading and...

The 3 Main Reasons Behind Bitcoin’s Rise

Bitcoin is famous for its volatility, but has been unusually calm in recent months. The digital currency...
- Advertisement -Ether Price Analysis - ETH/USD Forecast: Bullish Sentiment Unchanged

US Banks Can Now Open Bitcoin Accounts? Is This a Good Thing?

Do you remember what was said by the banks against cryptocurrencies? That it's nothing worth talking about...

PlutusDeFi’s Plans To Let Decentralized Finance Fans Lend And Earn On Idle Assets

German-based non-profit dGen speculated the industry could surpass the trillion-dollar mark in the next decade. They wrote...

Must read

5 Major Industries That Accept Bitcoin Payments In 2020

Cryptocurrencies caused quite a stir when they...
- Advertisement -

You might also likeRELATED
Recommended to you