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

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether has likely completed a bearish leg against the US dollar and bitcoin. ETH/USD bounced sharply from $210.00 and looks set to challenge $290.00-300.00.

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.

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

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