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Ether Price Analysis
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ETH/USD Forecast: Holding Uptrend Support





Ether is trading near key support levels against the US dollar and bitcoin. ETH/USD must stay above $288.00 to avoid heavy downsides in the near term.

Key Highlights

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.

Ether Price Technical Analysis

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.

Ethereum ETH/USD Forecast

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.

Important Resistance Levels

$295.00 and $319.00

Important Support Levels

$288.00 and $285.00

2-hour RSI

The RSI is nearing oversold readings.

2-hour MACD

The MACD remains in the bearish zone with no major sign of a bounce back.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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