News Ether Price Analysis - ETH/USD Forecast: Ether Hesitates but...

Ether Price Analysis – ETH/USD Forecast: Ether Hesitates but Remains Supported

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Ether maintained its bullish bias against the US dollar but declined further versus bitcoin. ETH/USD’s upsides were capped due to ETH/BTC’s decline.

Technically, the 2-hour chart indicators remain elevated in the bullish territory.

Ether Price is Showing Bullish Signs

There was a minor upside move in ETH/USD above the $300.00 resistance, but gains were capped by the $305.00 resistance. On the other hand, ETH/BTC continues to struggle and recently broke the 0.068BTC support.

Ether Price Analysis Chart

It seems like the recent decline in ETH/BTC is putting a lot of pressure on ETH/USD buyers. Looking at the 30-minute chart of ETH/USD, there was a decent ride from the $295.41 low to $304.74.

The pair failed to retain gains above the $304.00 level and started a downside correction. There is a bearish trendline forming with resistance at $302.00 which is protecting gains.

On the downside, the $298.00-300.00 area is a short-term support zone along with the 50 percent Fibonacci retracement level of the last wave from the $295.41 low to $304.74 high.

Should there be a close below $298.00, the price could head back towards $295.50. However, the 2-hour chart of ETH/USD is showing a lot of positive signs. There is a connecting bullish trendline forming with support at $298.00.

Ethereum Price ETH/USD Forecast

Furthermore, there is another crucial support forming near $288.00. To the topside, the pair is facing two important resistances – $305.00 and $310.00. A successful close above the mentioned resistances is required for Ether to gain further momentum towards $340.00.

The current price action is positive and a broad consolidation in ETH/USD is favored, but a bullish bias suggests that retracement pullbacks should be relatively limited.

An immediate support is near $298.00, below which Ether is likely to test $295.50. The most important trend support is now at $288.00.

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.

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