Key Highlights
The ETH/USD pair mostly traded in a range with support at $88.00and resistance near $92.00-93.00.
Looking at the 2-hour chart, the pair is attempting a break above a major bearish trend line at $92.00.
The ETH/BTC declined by roughly 5% due to a sharp increase in Bitcoin price against most its peers.

Technically, the 2-hour chart indicators are about to break above their mid-lines, which is a positive sign.

Can Ether Price Move Past $95.00?

In yesterday’s analysis, we saw how Ether reversed course against the US Dollar and Bitcoin. Later, the price mostly traded in a range with a decent support at $88.00 in ETH/USD.

Ether Price Technical Analysis Chart

On the other hand, Ether price was down against Bitcoin, mainly due to BTC gaining traction against most its peers. The ETH/BTC pair weakened from 0.051BTC to 0.048BTC, as buyers were pressured.

However, the overall market sentiment is stable, and slowly improving in favor of buyers. Looking at the 30-min chart of ETH/USD, there are a few important levels to take note.

On the downside, the $88.00 level is acting as a nice support and preventing declines in the short term. On the upside, the pair is facing two resistances - $92.00 and $93.00. The pair recently broke a bearish trend line at $90.20, which is an initial sign of a bullish break.

The pair is also attempting a close above the 50% Fibonacci retracement level of the last decline from the $93.04 high to $88.63 low. We need to keep a close watch on the top resistance at $93.00.

Ethereum ETH/USD Forecast

A clear break above $93.00 may give an upper hand to buyers. The next major resistance in the mentioned scenario would be $98.00-100.00

The 2-hour chart of ETH/USD suggests that the pair is attempting a crucial upside break above a bearish trend line around $92.00. If buyers succeed, it might open the doors for further gains towards $98.00-100.00 in the near term.

Important Resistance Levels

$93.00 and $98.00

Important Support Levels

$88.00 and $85.00

2-hour RSI

The RSI is just below the 50 level, and looking to settle above it.

2-hour MACD

The MACD is about to change the slope from bearish to bullish.
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.

Ether Technical Analysis

Today ETH/USD Forecast: Bearish Below $290
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