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