ETH/USD Forecast: Bullish Sentiment Unchanged
|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.
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.
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.