Ethereum Price Needs To Retake $300
|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.
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.
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.