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ETH/USD Forecast: Bullish Sentiment Unchanged

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is holding ground against the US dollar and recovered a bit versus bitcoin. ETH/USD struggled near $310.00 yesterday but remains well bid.

Key Highlights

Ether swung broadly sideways against the US dollar, but the bullish sentiment remains unchanged.
ETH/USD is following a key bullish trendline with current support at $299.00 on the 2-hour chart.
ETH/BTC managed to recover a few points and currently trading above 0.070BTC.

Technically, the 2-hour chart indicators are comfortably placed in the bullish territory.

Ether’s Price Struggle to Break Higher Continues

ETH/USD price action stays sidelined above $290.00 for the time being, navigating the upper bound of the range near $319.00.

Ether Price Analysis Chart

Yesterday’s drop in Ether’s price can be considered an extended correction and leaves room for a sustained bullish attempt. However, a consistent increase in the bearish pressure on ETH/BTC contained gains in ETH/USD.

There was a correction wave from yesterday’s high of $310.25 towards the $298.00-295.00 support zone. The mentioned support and the 23.6 percent Fibonacci retracement level of the last wave from the $271.36 low to $310.25 high protected the pair from moving towards $290.00.

There is a key bullish trendline with current support at $299.00 forming on the 2-hour chart. It can play a major role for the next move in ETH/USD. Below $299.00, there is a room for declines towards $290.00.

On the upside, an initial resistance is yesterday’s high at $310.25. Above $310.00, the price would make an attempt to test the upper end of the range at $319.00.

Ethereum ETH/USD Forecast

Looking at the 6-hour chart of ETH/USD, there is an extended trend consolidation forming with support at $275.00 and resistance near $319.00.

Unless there is a proper close above $320.00, the price is likely to trade inside the range. The overall market sentiment is bullish for Ether, but it lacks momentum to break higher at the moment.

In the short term, Ether’s price presents a neutral-to-bullish stance, given that in the 6-hour chart, it's hovering around a bullish 20 SMA and remains well supported on the 2-hour chart.

Important Resistance Levels

$310.00 and $319.00

Important Support Levels

$299.00 and $290.00

2-Hour RSI

The RSI is heading north after testing the 50 level.

2-Hour MACD

The MACD is placed well 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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