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ETH/USD Forecast: Can Ether Hold This?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is holding a key support level against the US dollar, and is trading lower versus bitcoin. ETH/USD is bullish with scope to extend its rise over the weekend.

Key Highlights

Ether is flirting with the $300.00 handle against the US dollar and is holding a key support.
There is a crucial trendline support area forming near $295.00-300.00 on the 2-hour chart of ETH/USD.
ETH/BTC is retreating from intraday highs, but is still above the 0.085BTC support.

Technically, the 6-hour chart indicators are slowly and steadily moving higher in the bullish territory.

Ether Price Uptrend Channel

The past 2-3 sessions were mostly quiet and Ether was not able to gain momentum to break this month’s high of $314.58 against the US dollar.

Ether Price Analysis Chart

On the other hand, the ETH/BTC pair was seen correcting lower from the 0.090BTC resistance and it may soon test the 0.085BTC support area.

Let’s start with the 2-hour chart of ETH/USD, which is pointing to an important support area near $300.00. There are two bullish trendlines positioned on the downside at $295.00-300.00. These trendlines are holding the current bullish trend above $275.00.

A break below $295.00 would be very tough as the short-to-medium term picture is modestly positive. It will take a break below $295.00 to confirm a bearish bias, with $284.00 and $275.00 as the next supports.

To the topside, there is a connecting bearish trendline with resistance at $306.00. Buyers need to push Ether’s price above that mark in order to challenge this month’s high of $314.58. Above the mentioned $314.58, the next resistance comes at $328.00.

Ethereum ETH/USD Forecast

A clear uptrend is visible looking at the 6-hour chart of ETH/USD. There is a key ascending channel with current support at $300.00. The pair broke the channel resistance once, but it retreated from highs quickly to move back inside the channel.

If the pair keeps following the channel, it may soon clear $306.00 and $310.00 for further upsides. To sum up, ETH/USD remains in an uptrend as long as it remains above $295.00, eying a new high in the near term.

Important Resistance Levels

$306.00 and $315.00

Important Support Levels

$295.00 and $284.00

6-Hour RSI

The RSI is moving closer to the overbought levels.

6-Hour MACD

The MACD is positioned well 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, 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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