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Ethereum Price Forecast: Ether Climbing Toward $300-305 Resistance

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is rising steadily against the US dollar while struggling versus bitcoin. ETH/USD is likely to test the $300.00-305.00 resistance zone in the near term.

Key Highlights

Ether climbed higher and broke the $280.00 and $285.00 resistances against the US dollar.
ETH/USD surpassed an important bearish trendline with resistance at $272.00 on the 4-hour chart.
ETH/BTC is struggling to stay above the 0.0400BTC support area.

Technically, the 4-hour chart indicators just moved into the bullish territory.

Ether Price Analysis

Yesterday, we discussed that upsides are favored in ETH/USD once it succeeds in surpassing the $280.00 resistance. The pair did rise during the past two sessions and broke the $280.00 and $285.00 resistances.

On the other hand, there was a fresh bearish wave in ETH/BTC below the 0.0415BTC level. The pair is currently trading above the 0.0400BTC support and remains at a risk of more declines. Bitcoin price moved above the $7,000.00 resistance today, increasing selling pressures on ETH/BTC.

Ether Price Analysis Chart

Starting with the 30-minute chart of ETH/USD, the pair consolidated above the $275.00 support for a few hours and later surged higher. During the rise, the price broke the $280.00 and $285.00 resistance levels to move into a short-term bullish zone.

Later, there was a tiny correction, but Ether’s price regained traction and broke a connecting bearish trendline with resistance at $286.00 to trade toward $290.00. The price is currently placed nicely above a bullish trendline with support at $287.00.

Should Ether decline below the trendline and the $285.00 support, it could test the $278.00-280.00 support area. The most important support on the 30-minute chart is at $275.00, followed by the $270.00 support base on the 4-hour chart of ETH/USD.

Ethereum Price Analysis ETH

The current price on the 4-hour chart is positive, but Ether buyers are facing many challenges on the upside near the $300.00 handle. An initial resistance is near $297.00 and the 61.8 percent Fibonacci retracement level of the decline from the $321.12 high to $259.56 low.

Additionally, there is a strong barrier near the $300.00-305.00 zone, which acted as a support and resistance on many occasions. Therefore, a break above $300.00 and $305.00 won’t be easy. The short-term technical structure is bullish with possibilities of a push toward $297.00 and $300.00.

Important Resistance Levels

$297.00 and $300.00

Important Support Levels

$285.00 and $280.00

4-hour RSI

The RSI is about to move above the 50 level.

4-hour MACD

The MACD has moved into 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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