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Ethereum Price Forecast: Is This A False Bullish Break In Ether?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price was rejected near the $300.00 resistance against the US dollar. ETH/USD must stay above the $282.00 and $280.00 supports to climb higher.

Key Highlights

Ether spiked higher recently and tested the $300.00 resistance zone against the US dollar.
ETH/USD traded above a crucial bearish trendline on the 2-hour chart but it failed to hold gains above $290.00.
ETH/BTC is slowly moving lower and is likely to test the 0.0415BTC support area.

Technically, the 2-hour chart indicators are currently near midlines in the bullish territory.

Ether Price Analysis

There was a decent support formed near the $269.00-270.00 zone in ETH/USD, resulting in a sharp upward move. ETH/USD climbed above the $290.00 resistance zone, but buyers were unsuccessful in clearing the $300.00 hurdle.

ETH/BTC traded below the 0.0450BTC support and is currently trading in a range. It seems like the price may continue to move down toward the 0.0415BTC support.

Ethereum Price ETH Analysis

Looking at the 2-hour chart of ETH/USD, the pair traded above the $285.00 and $290.00 resistance levels. There was also a break above the 38.2 percent Fibonacci retracement level of the last decline from the $321.12 high to $269.41 low.

More importantly, there was also a break above a bearish trendline at $289.00, but there was no 2-hour close. Ether’s price failed to settle above $295.00 and the 50 percent Fibonacci retracement level of the last decline.

There was a reversal pattern formed near the $300.00 level and the price traded below the $290.00 level. Moving down to the 30-minute chart of ETH/USD, the pair tested the broken resistance at $280.00-281.00.

Ether Price Analysis ETH

It seems like there is a connecting bullish trendline forming with current support at $284.00. Should Ether climb higher once again, it must break the $290.00 and $295.00 resistance levels. The final important challenge for buyers is near the $300.00 level.

On the flip side, the price needs to stay above the $280.00 support area to continue higher. If not, there is a risk of more losses toward the $270.00 support.

Important Resistance Levels

$290.00 and $300.00

Important Support Levels

$270.00 and $262.00

2-hour RSI

The RSI is just above the 50 level.

2-hour MACD

The MACD is moving slowly 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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