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Ethereum Price Forecast: Ether Rising Steadily Toward $300

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is rising inside a bullish path above $270.00 against the US dollar. ETH/USD may possibly trade toward $290.00 and $300.00 in the near term.

Key Highlights

Ether formed a base near $270.00 and the price moved higher against the US dollar.
There was a break above a contracting triangle with resistance at $277.00 on the hourly chart of ETH/USD.
ETH/BTC tested the 0.0415BTC support area and seems like it could test 0.0400BTC.

Technically, the hourly chart indicators climbed into the bearish territory.

Ether Price Analysis

There was a positive price action developed above the $270.00 level in ETH/USD. The pair traded above the $280.00 level, but there was a lack of bullish momentum for a test of $290.00.

On the other hand, ETH/BTC faced renewed selling pressure as it tested the 0.0415BTC support. The next major support on the downside is near the 0.0400BTC level.

Ether Price Analysis Chart

Starting with the hourly chart of ETH/USD, a base formed near the $270.00 level. The pair climbed above a contracting triangle with resistance at $277.00, which opened the doors for more gains.

More importantly, there was a break above the 50 percent Fibonacci retracement level of the last decline from the $298.17 high to $259.56 low. The price traded above the $280.00 level, but it seems like Ether buyers struggled to gain momentum.

Should there be a downside correction, the price could test the broken trendline at $276.00, below which the next major support is near the $270.00 pivot level. Moving up to the 6-hour chart of ETH/USD, there is a lot of bearish price action visible below the $300.00 resistance.

Ethereum Price ETH Forecasr

It seems like there is a crucial contracting triangle in place with resistance near the $285.00 level. On the downside, the triangle support is at $260.00, below which the price may well decline sharply.

Overall, Ether is trading with a few positive signs above $270.00, but the price has to surpass many hurdles near $290.00 and $300.00 to climb into a positive zone.

Important Resistance Levels

$285.00 and $290.00

Important Support Levels

$270.00 and $260.00

Hourly RSI

The RSI is just above the 50 level.

Hourly MACD

The MACD is slowly moving 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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