ETH/USD Forecast: Consolidation Below Key Resistance
|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.
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.
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.