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Ethereum Price Forecast: Risk Of Bullish Break Grows For Ether

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is preparing for the next short-term break against the US dollar. ETH/USD must settle above $300.00 to gain bullish momentum.

Key Highlights

Ether’s price rally failed near the $300.00-306.00 resistance zone against the US dollar.
Yesterday’s bearish trendline is intact with current resistance near $300.00 on the 2-hour chart of ETH/USD.
ETH/BTC is slowly rising and could continue to move toward the 0.0475BTC resistance.

Technically, the 2-hour chart indicators are rising higher in the bullish territory.

Ether Price Analysis

Yesterday, we discussed a significant resistance near $300.00 and a bearish trendline on the 2-hour chart of ETH/USD. The pair tested the $300.00-306.00 resistance zone, but failed to break it.

ETH/BTC remained in a short-term correction from the 0.0415BTC support. The pair may continue to rise toward the 0.0465BTC and 0.0475BTC resistance levels.

Ethereum Price ETH

The 2-hour chart of ETH/USD indicates that the pair failed to break a crucial bearish trendline, with current resistance at $300.00. There were two attempts during the past few hours, but Ether buyers were unsuccessful in clearing the $300.00-302.00 resistance.

On the downside, there is an important bullish trendline formed with support at $285.00. Should Ether’s price close below the trendline, it could drop back toward the $275.00 support. Conversely, a convincing break above the $300.00 resistance will most likely take the price toward the next resistance at $325.00-330.00.

Dropping down to the 30-minute chart of ETH/USD, there is a strong support formed around $280.00, below which the price may test $275.00. More importantly, the pair is approaching a short-term break, with resistance near $298.00 and support at $286.00.

Ether price Analysis Chart

Therefore, both 30-minute and 2-hour charts suggest that Ether is preparing for the next short-term break either above $300.00 or below $280.00.

The immediate resistance is the $295.00 region, but only gains beyond $300.00 in ETH/USD will offer a more constructive outlook. Below $280.00, on the other hand, the risk will turn to the downside.

Important Resistance Levels

$295.00 and $300.00

Important Support Levels

$280.00 and $275.00

2-hour RSI

The RSI is currently placed nicely above the 55 level.

2-hour MACD

The MACD is gaining momentum in the bullish zone.

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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