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Ethereum Price Needs To Retake $300

By

Aayush

Jindal

Guest AnalystETHNews.com

ETH/USD remains supported above $275.00, but Ether buyers need to retake $300.00 to sustain gains against the US dollar.

Key Highlights

Ether remained in the bullish zone, but struggled to move past $300.00 against the US dollar.
There is a crucial support forming near $275.00-$265.00 on the 2-hour chart of ETH/USD.
ETH/BTC is stable above 0.070BTC and is eyeing further upsides in the short term.

Technically, the 30-minute chart indicators are moving back in the bullish territory.

Ether Price Dips Remain Supported

The ETH/USD pair was neutral during the past 2-3 sessions and failed to settle above an important resistance area near $295.00-$300.00.

Ether Price Analysis Chart

In yesterday’s analysis, we saw a connecting resistance trendline at $302.00 on the 2-hour chart of ETH/USD. It acted as a hurdle for further upsides and prevented buyers from gaining momentum above $300.00.

There was a rejection noted from the trendline resistance and the pair moved down towards the 23.6 percent Fibonacci retracement level of the last leg up from the $200.91 low to $300.37 high.

However, the downside move was well supported above $275.00. It seems like there is a solid support forming near $275.00-$265.00 on the same chart and a downside break won’t be easy in the short term.

On the upside, an initial resistance is at $300.00, followed by the same trendline with current resistance at $312.00. On the flip side, a break of the $265.00 support would clear the way for further losses towards the 50 percent Fibonacci retracement level of the last leg up from the $200.91 low to $300.37 high around $250.00.

Ethereum Price ETH/USD Forecast

Dropping down to the 30-minute chart of ETH/USD, the pair failed two times near $300.00 and later traded below a bullish trendline with support at $290.00.

At the moment, the pair is resuming its upside and following a short-term bullish trendline with support at $288.00. It seems like Ether buyers are lacking momentum and searching for a reason to retake the $300.00 resistance.

Overall, the ETH/USD pair would need to advance through the $300.00 resistance to gather enough upward momentum to extend its advance towards $312.00-$315.00. Alternatively, an immediate support comes at the $275.00 region, followed by $265.00.

Important Resistance Levels

$300.00 and $312.00

Important Support Levels

$275.00 and $265.00

30-minute RSI

The RSI is just above the 50 level and is stable.

30-minute MACD

The MACD is in the bullish zone, but lacks momentum.

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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