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ETH/USD Forecast: Ether Gathers Traction on USD Weakness

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is holding important supports against the US Dollar and Bitcoin. ETH/USD is consolidating and was able to erase some of its weekly losses.

Key Highlights

ETH/USD continued to trade in a range above $310.00 and seems to be rising on US Dollar weakness.
There is a monster contracting triangle pattern forming with support at $290.00 on the Daily chart.
ETH/BTC is holding a key level above 0.120BTC, representing a decent support.

Technically, the 4-hour chart indicators are flat and attempting to move above their mid lines.

Ether Price Daily Chart View

The last few days were mostly negative for Ether against the US Dollar and Bitcoin. The ETH/USD pair suffered a decline of more than $80.00 and traded below a key support of $300.00.

Ethereum ETH/USD Forecast

That being said, the pair recovered well to close above $300. Let’s analyze the daily chart to understand how the pair is forming a breakout pattern.

There is a contracting triangle pattern forming with resistance at $330.00 and support near $290.00. It is a crucial pattern and might play an important role for the next move in the near term.

On the downside, there are three significant supports - $290.00, $260.00 and $205.00. These are medium term supports, which are critical for the current bullish trend.

On the upside, a break and close above the triangle resistance at $330.00 is needed to initiate a fresh bullish wave. The next most important resistance sits at $380.00-400.00.

Ether Price Technical Analysis Chart

Moving on to the 4-hour chart of ETH/USD, there is a bearish trend line with resistance just below $350.00. On the downside, the $290.00 support is a crucial area for buyers. As long as Ether’s price is above $290.00, there are chances of an upside break above $330.00 and $350.00.

The price also needs to break the 50 percent Fibonacci retracement level of the last drop from the $414.00 high to $261.00 low at $337.00.

There are many hurdles for Ether on the way up starting with $330.00 followed by $350.00. We might continue to see ranging moves until buyers gather pace for further upsides in the near term.

Important Resistance Levels

$330.00 and $350.00

Important Support Levels

$310.00 and $290.00

Daily RSI

The RSI is heading lower, but remains well above the 50 level.

Daily MACD

The MACD is reducing its bullish slope.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

ETHNews is commited to its Editorial Policy

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