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.
Disclaimer:
The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Ether Technical Analysis

Today ETH/USD Forecast: Ethereum Price Struggles near $298-$300
08-16-2017 ETH/USD Forecast: Could This Be A False Break?
08-15-2017 ETH/USD Forecast: Holding Uptrend Support
08-14-2017 ETH/USD Forecast: Consolidation Below Key Resistance
   

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