ETH/USD Forecast: Is This a Real Bounce in Ether?
|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.
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.
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.