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Ethereum Price Forecast: Ether Responds To Key Support

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is holding key supports against the US dollar and bitcoin. ETH/USD needs to climb above $285.00 to rebound toward $300.00 in the near term.

Key Highlights

Ether traded close to the key $270.00 support and rebounded against the US dollar.
The previous support at $285.00 is now resistance on the 2-hour chart of ETH/USD.
ETH/BTC is struggling to stay above the 0.0400BTC support.

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

Ether Price Analysis

Yesterday, we discussed that ETH/USD may test the $270.00 support where buyers are likely to take a stand. The pair did move down toward the support, traded as low as $272.45, and later recovered sharply.

On the other hand, ETH/BTC is struggling to hold the key 0.0400BTC support. Should sellers take control, the pair could decline toward the 0.0380BTC level.

Ether Price Analysis Chart ETH

Looking at the 30-minute chart of ETH/USD, the pair declined toward the $270.00 support and found a strong buying interest. There was a sharp bullish reaction from the $272.45 low and the price broke a contracting triangle with resistance at $276.00.

Ether climbed above the $280.00 resistance and tested the $285.00 resistance (the previous support). Buyers failed to surpass the $285.00 hurdle, resulting in a fresh bearish wave. The price declined below $280.00 and the 50 percent Fibonacci retracement level of the recent wave from $272.45 to $285.26.

The $275.00 level is the immediate support with a break below it opening doors for a test of the all-important $270.00 support. Intermediate supports are $272.45 and the 61.8 percent Fibonacci retracement level of the recent wave.

Ethereum Price ETH Forecast

Moving up to the 2-hour chart of ETH/USD, the $285.00 zone seems to be a significant resistance, above which the price is likely to gain bullish momentum toward $290.00 and $298.00.

Overall, Ether responded nicely to the key $270.00 support region, but buyers need to overcome barriers near $285.00 to gain control in the near term. If not, there is a risk of a bearish break below $270.00.

Important Resistance Levels

$282.00 and $285.00

Important Support Levels

$275.00 and $270.00

2-hour RSI

The RSI is still below the 50 level.

2-hour MACD

The MACD is showing a few negative signs 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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