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Ether Price Analysis
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ETH/USD Forecast: Consolidation Below Key Resistance





Ether started consolidating this month’s gain against the US Dollar, but failed to bounce back versus Bitcoin. Can ETH/USD break higher in the short term?

Key Highlights

Ether traded in a range below $320.00 and above $280.00 against the US Dollar.
A connecting bearish trendline with resistance at $303.00 on the hourly chart of ETH/USD is preventing gains.
ETH/BTC declined further and tested the 0.071BTC-0.070BTC support zone.

Technically, the 4-hour chart indicators are mostly flat in the bullish territory.

Can Ether Price Break $305?

The past couple of sessions were mostly quiet for Ether as its price traded in a confined range against the US Dollar. On the other hand, the ETH/BTC pair declined and traded towards 0.070BTC.

Ether Price Analysis Chart

Bitcoin continues to overpower all other major cryptocurrencies, but Ether remained stable. The ETH/USD pair recently dipped towards $288.00 where it found support.

There were two attempts of an hourly close below $288.00-285.00, but sellers failed. As a result, there was an upside move and the pair moved above the 23.6 percent Fibonacci retracement level of the last drop from the $319.06 high to $288.22 low.

The upside move was capped by a connecting bearish trendline with resistance at $303.00 on the hourly chart. The mentioned $303.00 is also the 50 percent Fibonacci retracement level of the last drop from the $319.06 high to $288.22 low.

Therefore, if ETH/USD settles above $303.00-305.00, it could open the doors for a push towards the last swing high of $319.00.

On the downside, there is a short-term support forming just below $300.00 by a bullish trendline on the hourly chart, and a sustained weakness below the $298.00 level could extend its slide towards $288.00.

Ethereum ETH/USD Forecast

Looking at the 4-hour chart of ETH/USD, there is a clear consolidation forming with resistance near $320.00 and support at $285.00. The last candle from $290.00 overlaps the previous three candles, which is a short-term bullish sign.

Overall, Ether held on to its recovery gains and is currently placed well for further upsides once consolidation is complete.

Important Resistance Levels

$305.00 and $319.00

Important Support Levels

$288.00 and $280.00

Hourly RSI

The RSI is currently just below the 50 level.

Hourly MACD

The MACD histogram is attempting to change the slope from bearish to bullish.

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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