ETH/USD Forecast: Holding Uptrend Support
|Ether challenged the $288.00 support once again versus the US dollar.|
|There is a key bullish trendline with support at $288.00 forming on the 6-hour chart of ETH/USD.|
|ETH/BTC seems to be struggling to hold the 0.070BTC support.|
Technically, the 2-hour chart indicators are moving lower in the bearish territory.
Here is Why $288-285 is Important for Ether Price
Yesterday, we discussed that Ether has to break the $305.00 resistance against the US dollar to gain bullish momentum. It failed to move higher and traded lower towards the $290.00 level.
Similarly, the ETH/BTC pair remained under bearish pressure and is currently trading just above the 0.070BTC support that has a lot of significance in the near term.
Looking at the 2-hour chart of ETH/USD, the pair is clearly under heavy pressure and is currently trading near a crucial support range of $288.00-285.00. The pair needs to hold the mentioned $288.00 support in order to recover above $300.00.
On the upside, there is a major bearish trendline with resistance near $295.00. A successful close above $295.00 would push the price towards $310.00 or higher.
It seems like a short-term breakout pattern with resistance at $295.00 and support at $288.00 is forming. Having said that, the $288.00 support is crucial for the current bullish trend.
The 6-hour chart of ETH/USD clearly points to why $288.00 is important. There is a key bullish trendline forming with support at $288.00. Should there be a close below the trendline support at $288.00, the price may decline towards $260.00 or even lower.
On the upside, the range resistance is near $320.00. If the current consolidation pattern paves the way for more gains above $320.00, we can witness a test of $360.00.
To sum up, Ether is approaching a crucial break with support at $288.00-285.00 and must hold it to remain in the bullish zone.