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ETH/USD Forecast: Can Ether Stay Above $280?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is holding the recent gains against the US dollar and bitcoin. ETH/USD has to break a major trend line at $310.00-320.00 to gain further bullish momentum.

Key Highlights

ETH/USD is consolidating the recent gains below the $325.00-330.00 resistance.
A major bearish trend line with resistance at $310.00 on the 6-hour chart is holding further upsides.
ETH/BTC is stable and trading above the 0.115BTC support zone.

Technically, the 2-hour chart indicators are moving higher in the bullish territory.

Ether Price Likely to Continue Rising

Ether is trading with a bullish bias intraday against the US dollar and bitcoin since both ETH/USD and ETH/BTC pairs remained supported.

Ether Price Technical Analysis Chart

ETH/USD dipped a few points from the recent high and tested the $280.00-290.00 support zone. The mentioned support zone was resistance earlier and is now preventing declines below $270.00.

There was a tiny correction towards the 23.6 percent Fibonacci retracement level of the last leg from the $209.00 low to $324.00 high. The downside move found support near $275.00-280.00.

Currently, Ether’s price is trading higher and following a bullish trend line with support at $282.00 on the 2-hour chart. On the upside, there is a bearish trend line on the same chart with resistance at $310.00.

It seems like a contracting triangle is forming with resistance at $310.00 and support above $280.00. A break on either side would trigger the next move in ETH/USD.

A break below $280.00 might take the price towards the 50 percent Fibonacci retracement level of the last leg from the $209.00 low to $324.00 high. On the flipside, a close above $310.00 could ignite a fresh rally towards $325.00 or higher.

Ethereum ETH USD Forecast

Looking at the 6-hour chart of ETH/USD, there is a major bearish trend line with resistance at $310.00. It is acting as a crucial barrier and preventing an upside surge above $310.00.

In short, the triangle resistance on 2-hour chart and trend line on the 6-hour chart are pointing a key breakout resistance at $310.00. Should there be a break, we can witness a follow-through above $325.00.

On the downside, there are chances of $280.00 holding, but if the triangle support at $280.00 paves way for more losses, there can be a move towards $260.00.

Important Resistance Levels

$310.00 and $325.00

Important Support Levels

$280.00 and $260.00

2 Hours RSI

The RSI is currently above the 50 level and moving higher.

2 Hours MACD

The MACD is well into 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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