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ETH/USD Remains Bullish Above $270

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is seen heading back towards $290 against the US Dollar, and ETH/USD now has a strong support around $270.

Key Highlights

The ETH/USD pair mostly traded higher during the past few hours and held an important support of $270.
There is a crucial bullish trend line with support at $270 forming on the 4 hours chart.
The ETH/BTC pair declined by roughly 2% to 0.108BTC due to rise in Bitcoin price across the board.

Technically, the hourly chart indicators are positively aligned, suggesting a weakening in Ether’s downside momentum.

Ether Price Ready to Test $300?

Yesterday, we discussed the importance of the $260 support and chances of Ether bouncing back towards $280 versus the US Dollar.

Ether Price Technical Analysis Chart

The price did gain slight bullish momentum and slowly moved above $275 and $280. There are two short-term bullish trend lines forming on the hourly chart with supports as $278 and $272.

On the upside, an immediate resistance is near $285, followed by the last swing high at $291. If the trend lines continue to hold declines in ETH/USD, there are chances that the pair might trade towards $290 or even $300.

On the other hand, a break and close below the first trend line at $278 might call for a test of the second trend line at $272. There is not much scope for a sustained decline in ETH/USD as long as it stays above $270 since it is the 50 percent Fibonacci retracement level of the last wave from $250 to $291.

Ethereum ETH USD Forecast

Looking at the 4 hours chart, there is a crucial bullish trend line forming with support at $270. It holds a lot of significance for the current bullish structure following a rise from the $209 low.

The pair recently broke a bearish trend line at $278 and attempting a close above another at $282-284. A successful close above $285 could take the pair towards $300 in the near term.

On the upside, there is a major resistance confluence area just above $300 which can be considered as the next barrier for Ether buyers. In the near term, there can be a slow rise towards $300. Above $300, buyers might struggle to sustain momentum.

Important Resistance Levels

$291.00 and $310.00

Important Support Levels

$275.00 and $270.00

Hourly RSI

The RSI is slowly heading north, and remains well above the 50 level.

Hourly MACD

The MACD is gaining momentum in the bullish zone.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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