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Ethereum Price Forecast: Ether’s Triangle Break Near?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price recovered nicely against the US dollar whereas it remained in a range versus bitcoin. ETH/USD is approaching a key triangle break on the daily chart.

Key Highlights

Ether gained bullish momentum and traded above the $295.00 resistance against the US dollar.
ETH/USD could soon break a crucial contracting triangle with resistance at $305.00 on the daily chart.
ETH/BTC is holding the important 0.0400BTC support with a few positive signs.

Technically, the daily chart indicators are likely to move into the bullish territory.

Ether Price Weekly Analysis

In the past couple of analyses, we discussed that ETH/USD is likely to trade higher toward the $300.00 level. The pair did gain traction recently, breaking the $290.00 and $295.00 resistances, and finally spiked above the $300.00 barrier.

On the other hand, there were bearish moves in ETH/BTC this past week. The pair declined to 0.0400BTC, which is currently acting as a strong support. In the short term, the pair might climb higher toward 0.0420BTC and 0.0440BTC as long as it is above 0.0400BTC.

Ether Price Weekly Analysis ETH

Let’s start with the 2-hour chart of ETH/USD to understand the recent upward move from the $272.45 swing low. It seems like Ether buyers were successful in gaining strength above the $280.00 resistance. The price traded higher and broke the $290.00 and $295.00 resistance levels.

During the upward move, there was a break above a major connecting bearish trendline at $288.00. Finally, the price broke the $300.00 resistance and traded as high as $302.26.

At present, the price is correcting lower and tested the 23.6 percent Fibonacci retracement level of the recent move from the $272.45 low to $302.26 high. On the downside, there is a strong support formed near $285.00, a bullish trendline on the same chart, and the 50 percent Fibonacci retracement level of the recent move.

Ethereum Price Analysis Chart

Moving up to the daily chart of ETH/USD, the pair is trading inside a crucial contracting triangle with resistance at $305.00. Should Ether’s price succeed in a daily close above the $300.00-305.00 resistance, there could be more upsides in the coming days.

The next significant resistance for buyers is near $340.00, $350.00, and a bearish trendline. On the flip side, a downside break below the triangle support at $270.00 will most likely put a lot of pressure on Ether in the medium term.

Weekly Resistance Levels

$305.00 and $340.00

Weekly Support Levels

$285.00 and $270.00

Daily RSI

The RSI is slowly rising toward the 45-50 zone.

Daily MACD

The MACD is about to move 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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