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Ethereum Price Forecast: Ether Approaching Upside Break

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price could climb higher against the US dollar, but it remains bearish versus bitcoin. ETH/USD needs to surpass $290.00 and $292.50 for an upward move toward $300.00.

Key Highlights

Ether extended losses and tested the $282.00-285.00 support region against the US dollar.
A significant declining channel is formed with resistance near $290.00 on the 2-hour chart of ETH/USD.
ETH/BTC settled below the 0.0400BTC support with negative signs.

Technically, the 2-hour chart indicators are moving higher in the bullish territory.

Ether Price Analysis

There were further downsides noted in ETH/USD below the $285.00 support. However, losses were limited as the pair bounced back above $285.00 and there was no 2-hour close below $285.00.

ETH/BTC remained in a bearish zone below the important support at 0.0400BTC. If the pair continues to stay below 0.0400BTC, it could extend declines toward the 0.0380BTC level.

Ether Price Analysis Chart ETH

Starting with the 30-minute chart of ETH/USD, the pair clearly failed to surpass the $292.50 resistance and started a downward move. It traded below the $290.00 level and a connecting bullish trendline at $289.00.

There was a sharp bearish move and the price spiked below the $285.00 support. Ether traded as low as $282.07 and later bounced back. However, it seems like the $292.00 resistance is a strong sell zone as buyers failed to clear it once again.

The price is currently correcting toward a bullish trendline on the same chart with support at $286.00 plus the 50 percent Fibonacci retracement level of the recent wave from the $282.07 low to $292.45 high.

Moving up to the 2-hour chart of ETH/USD, there is a significant declining channel formed with resistance near $290.00. On the downside, the $285.00 level is a strong support followed by the channel support at $281.00.

Ethereum Price Forecast

If Ether buyers need control, a close above the channel resistance and the $292.50 resistance is a must. Should they succeed, Ether’s price will most likely retest the $300.00 hurdle.

The last two candles on the 2-hour chart are bullish, indicating a positive structure for a push above the $290.00 resistance in the near term.

Important Resistance Levels

$290.00 and $292.50

Important Support Levels

$285.00 and $281.00

2-hour RSI

The RSI is just above the 52 level.

2-hour 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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