News Ether Price Analysis - ETH/USD Forecast: Ethereum Price Faces...

Ether Price Analysis – ETH/USD Forecast: Ethereum Price Faces Tough Task

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Ether survived heavy declines against the US dollar and bitcoin. However, ETH/USD faces many hurdles on the upside near $310.00.

Technically, the 2-hour chart indicators are stable and recovering from the oversold readings.

Can Ether Price Stay above $275.00?

The ETH/USD pair consolidates around $295.00, after a modest pullback at the beginning of the day met buying interest at $280.00. Similarly, the ETH/BTC pair registered a decent recovery and is trading back above the 0.070BTC support.

Ether Price Analysis Chart

The 2-hour chart of ETH/USD suggests how buyers succeeded in defending the $280.00-275.00 support area. The pair recovered and moved above the 38.2 percent Fibonacci retracement level of the last decline from the $341.68 high to $281.11 low.

However, recoveries were limited as the pair struggled to move above the $310.00 resistance and the 50 percent Fibonacci retracement level of the last decline from the $341.68 high to $281.11 low.

There is a clear horizontal resistance forming near $310.00. Should there be a break above $310.00, Ether’s price is likely to trade towards a bearish trendline on the same chart at $322.00. Above $322.00, the price would easily trade towards the last major hurdle of $340.00.

Ethereum Price ETH/USD Forecast

The 6-hour chart of ETH/USD shows that the 50 SMA maintains a strong bearish slope below the current level, now providing a dynamic support around $275.00.

On the upside, there are two bearish trendlines positioned near $310.00 which are a crucial barrier for buyers. It won’t be easy for buyers to push the price above $310.00 and overcome selling pressure in the near term.

A positive sign would be a daily close above the 23.6 percent Fibonacci retracement level of the last drop from the $395.41 high to $275.82 low at $304.00.

Below $290.00, on the other hand, a downward extension can develop down to $280.00, while the next support comes at $275.00. Overall, there can be more corrective moves but as long as ETH/USD is above $275.00, it can recover in the short term.

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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