Ether consolidated this past week in a range against the US Dollar, but declined versus Bitcoin. ETH/USD must regain traction to avoid short-term losses.

Technically, the daily chart indicators are moving to and fro above their midlines in the bullish territory.

Can Ether Price Overcome Selling Pressure?

The ETH/USD pair made a couple of attempts to break past the $310.00-320.00 resistance this past week against the US Dollar. However, it failed to maintain the bullish momentum and traded below the psychological $300.00 support.

In contrast, the ETH/BTC pair was under constant bearish pressure this past week due to Bitcoin price rising above $4,000. Ether moved down and is currently trading above an important support at 0.070BTC and consolidating losses.

Looking at the 4-hour chart of ETH/USD, there is a crucial support forming near $280.00. A couple of bullish trendlines and a horizontal support is positioned at that vary level. Below the mentioned $280.00, the monthly support and pivot sits at $275.00.

Therefore, it is important for Ether’s price to stay above the $275.00-280.00 support area to recover during the upcoming week.

On the upside, there is a connecting bearish trendline forming with resistance at $303.00. A successful close above $303.00 and $305.00 would set the tone for further upsides in the short term.

It seems like the pair is forming a lower low and lower high pattern. The recent lower high was near $310.00 from which the price corrected lower.

Ethereum ETH/USD Weekly Forecast

Ultimately, the price has to break in one direction either above $305.00 or below $275.00. The chances of it breaking higher becomes more likely considering the daily chart of ETH/USD.

There is a bullish flag forming with a current resistance around $302.00. It can be considered as a consolidation pattern or a trend resumption pattern.

Once the pattern is complete, the price would continue its uptrend and move higher. In the stated scenario, the chances of ETH/USD crossing the recent high of $319.06 are very high.

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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