ETH/USD Forecast: Can Ether Hold This?
|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.
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.
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.