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Ether Price Analysis
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ETH/USD Forecast: Range Trading Continues





Ether has yet to gain bullish momentum against the US Dollar and Bitcoin. ETH/USD trades in a small range and waiting for a catalyst for the next move.

Key Highlights

Ether trades stable around $295.00 against the US Dollar and unable to find a certain direction.
ETH/USD continues to move inside a crucial range with support above $275.00 and resistance near $320.00.
ETH/BTC extended its recovery by roughly 2% above 0.071BTC.

Technically, the 4-hour chart indicators are stable and placed well above their midlines in the bullish territory.

Ether Price Extended Range

ETH/USD maintains a neutral short-term stance, trading above its 50 SMA and 20 SMA in the 4 hours chart, yet both moving averages lack bullish directional strength.

Ethereum ETH/USD Forecast

On the other hand, the ETH/BTC pair after declining sharply from well above 0.080BTC to 0.070BTC finally found support and currently correcting higher towards 0.074BTC.

Let’s start with the 4-hour chart of ETH/USD that clearly highlights an extended range with resistance near $320.00 and support above $275.00. The pair recently formed an inverted hammer candle around $310.00 and started a downside move.

It recently broke a connecting bullish trendline at $299.00. However, the downside move was restricted due to limited directional strength.

On the upside, there is a bearish trendline positioned at $305.00. A successful close above $305.00 would open the doors for an upside extension towards the range resistance of $320.00.

Ether Price Technical Analysis

Moving on to the hourly chart of ETH/USD, the pair recently broke a major support level at $299.00. The mentioned $299.00 is currently acting as a resistance and protecting gains.

However, the pair recently tested the $290.00 support and the 61.8 percent Fibonacci retracement level of the last wave from the $280.46 low to $310.25 high. Therefore, there are chances that Ether would break $299.00 and move towards the next resistance at $305.00.

In the same chart, the price action suggests a neutral-to-bearish bias and lack of directional strength. A bearish extension could be seen on a break below $290.00, while a break above $299.00 should favor additional gains for today, yet still remain limited to the $310.00 price zone.

Important Resistance Levels

$299.00 and $305.00

Important Support Levels

$290.00 and $275.00

Hourly RSI

The RSI is moving higher towards the 50 level.

Hourly MACD

The MACD is slightly in the bearish zone with a lack of momentum.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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