Key Highlights
ETH/USD was rejected two times near $210.00 which resulted in a sharp upside.
The pair broke a major bearish trend line resistance at $230.00 to set the pace for gains towards $280.00.
ETH/BTC also gained bullish momentum and traded above 0.114BTC.

Technically, the 4-hour chart indicators are bouncing from the midlines and moving higher in the bullish territory.

Can Ether Price Break $290-300?

In Yesterday’s analysis, we analyzed and discussed the importance of the $200.00-210.00 support area in ETH/USD. The pair attempted twice to break the $210.00 support area, but sellers failed to capitalize.

Ether Price Technical Analysis Chart

As a result, there was a double bottom pattern formed near $210.00. The price bounced higher and broke the neckline resistance at $220.00.

During the upside move, there was a break above a major bearish trend line resistance at $230.00 on the hourly chart. It opened the doors for more gains towards the $250.00 resistance.

The bullish momentum was such that Ether’s price was also able to break and close above $250.00. It even traded a few points above the $275.00 level.

On the upside, the next major barrier for ETH/USD is near $290.00-300.00. The 4-hour chart clearly highlights the $290.00 (support turned resistance). There is also a bearish trend line positioned at $295.00.

Ethereum ETH USD Forecast

Therefore, there is a chance that the price may face strong selling interest around $290.00-300.00. It also coincides with the 50 percent Fibonacci retracement level of the last decline from the $360.00 high to $210.00 low.

Extended consolidation between $280.00 and $220.00 could be expected in the near term, and stronger dips are likely to find support above $210.00.

A successful daily close above $300.00 would negate the recent bearish bias and put the price back in medium-term bullish trend.

Important Resistance Levels

$290.00 and $300.00

Important Support Levels

$250.00 and $240.00

Hourly RSI

The RSI is heading higher and positioned well above the 50 level.

Hourly MACD

The MACD is back in the bullish zone and showing positive signs.
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Ether Technical Analysis

08-17-2017 ETH/USD Forecast: About to Explode?
06-29-2017 ETH/USD Forecast: Are Buyers Really Back in Town?
06-28-2017 ETH/USD Forecast: Is This a Real Bounce in Ether?
06-27-2017 ETH/USD Forecast: Why $200-210 Is Crucial for Ether?

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