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ETH/USD Forecast: Ether Sidelined below $275

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is in a consolidation phase against the US dollar and bitcoin. Having said that, ETH/USD may soon break a key triangle pattern for the next move.

Key Highlights

Ether is once again heading lower to challenge the $250.00 support against the US dollar.
ETH/USD is approaching a major triangle break with resistance at $260.00-270.00 on the 4-hour chart.
ETH/BTC is testing the 0.100BTC support area and struggling to hold it.

Technically, the 4-hour chart indicators are consolidating near their mid-lines.

What’s next for Ether Price?

ETH/USD continued to move back and forth in a $15.00 range narrow range, reflecting a typical scenario that persists before a major break.

Ethereum ETH USD Forecast

Looking at the 4-hour chart, there is a triangle pattern forming with resistance near $270.00. There is a confluence of two bearish trendlines near the mentioned level, preventing an upside break.

On the downside, the triangle support sits at $250.00 that stopped declines on 2-3 occasions. It is quite clear that the pair is approaching a break since the triangle is contracting and on the verge of a breakout.

A successful break and close above $275.00 might ignite a sharp rally in ETH/USD, favoring additional gains up to $300.00 first, and $320.00 then.

On the other hand, if Ether buyers fail to defend declines below $250.00, there can be a nasty dip towards the last swing low of $209.72.

Ether Price Technical Analysis Chart

Dropping down to the hourly chart of ETH/USD, there is a clear resistance forming around $272.00-274.00. There were three failures recently which increased the chances of a downside break in the short term.

Sellers already succeeded in clearing a bullish trendline with support at $264.00 and the 50 percent Fibonacci retracement level of the last wave from the $252.72 low to $272.50 high.

Looking at the current price action, there are chances of ETH/USD continuing inside the range of $250.00-275.00 in the short term as long as there is no triangle break.

Important Resistance Levels

$270.00 and $275.00

Important Support Levels

$250.00 and $220.00

Hourly RSI

The RSI is currently below the 50 level and heading lower.

Hourly MACD

The MACD is gaining momentum in the bearish zone.

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

ETHNews is commited to its Editorial Policy

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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.