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Ethereum Price Forecast: Ether Targets Fresh Weekly High

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is trading in ranges against the US dollar. ETH/USD is trading with a bullish angle above the $270.00 support and could soon break the $280.00 resistance.

Key Highlights

Ether stayed above the $270.00 support and traded a few points higher against the US dollar.
ETH/USD broke a key bearish trendline with resistance at $274.00 on the 2-hour chart.
ETH/BTC is consolidating losses above the 0.0400BTC support.

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

Ether Price Analysis

During the past few sessions, ETH/USD mostly traded in a thin range above the $260.00 and $270.00 support levels. The pair recently tested the $280.00 resistance, but it failed to gain bullish momentum.

ETH/BTC started a short-term consolidation above the 0.0415BTC support. On the upside, an hourly close above the 0.0420BTC resistance may push the price toward the 0.0450BTC resistance.

Ethereum Price Analysis ETH Forecast

Starting with the 2-hour chart of ETH/USD, there are a few positive signs emerging above the $270.00 support. The pair broke a key bearish trendline with resistance at $274.00. However, Ether failed to gain bullish momentum and struggled to break the significant resistance at $280.00.

It seems like Ether’s price failed to settle above the 50 percent Fibonacci retracement level of the last slide from the $298.98 high to $259.56 low. The price topped out at $279.62 and retreated toward the $275.00 support area.

Should there be a break below the $275.00 support, the price could test a connecting bullish trendline with support at $272.50 on the 30-minute chart. The most important support awaits at $270.00 (the range support), below which the price is likely to test the $260.00 support.

Ether Price Analysis Chart

As for the technical picture, Ether’s price is short-term bullish, holding above $270.00 and the 21 moving average in the 2-hour chart. The upside is favored once ETH/USD succeeds in surpassing the $280.00 resistance.

To sum up, the current price action is indicating a positive bias, and a push above the $280.00 resistance will mostly clear the path for a new weekly high and a possible test of the $300.00 handle.

Important Resistance Levels

$280.00 and $290.00

Important Support Levels

$275.00 and $270.00

2-hour RSI

The RSI is placed near the 45 level.

2-hour MACD

The MACD is mostly flat in the bearish 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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