ETH/USD Forecast: Ether Sidelined below $275
|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.
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.
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.