ETH/USD Forecast: Ethereum Price Sticks To Bullish Bias
|Ether’s price is holding the $275.00 support against the US dollar, which is a bullish sign.|
|There is a short-term triangle forming with resistance near $290.00 on the hourly chart of ETH/USD.|
|ETH/BTC traded with range-bound moves around the 0.072BTC level.|
Technically, the hourly chart indicators are moving to and fro above their neutral levels in the bullish territory.
Can Ether Price Make it?
We are still waiting for the ETH/USD pair to break the $295.00 and $300.00 resistance levels for further upsides. Recently, the pair slowly declined and moved towards the $275.00 support zone.
Looking at the hourly chart of ETH/USD, there is a decent horizontal support forming below $280.00, and the 23.6 percent Fibonacci retracement level of the last wave from the $200.91 low to $300.37 high is holding losses pretty well.
On the upside, there is a bearish trendline forming with current resistance around $290.00. Therefore, there is a contracting triangle in the making, with horizontal support near $275.00 and a bearish trendline as resistance.
A successful close above the triangle resistance would be the first bullish sign for a push above $300.00. On the other hand, should buyers fail to defend $275.00, Ether’s price could decline towards the next important support of $265.00.
The 4-hour chart of ETH/USD suggests a positive bias above $275.00. There was a break above a bearish trendline at $278.00, and the same trendline is currently holding losses below $275.00.
To the upside, there is another bearish trendline with resistance near $290.00. Overall, it seems like the current range breakout resistance is also around $290.00. A 4-hour close above $290.00 would open the doors for further gains in the near term.
In the short term, ETH/USD should keep trading in a range of $290.00-$275.00. Indicators are still mostly flat, which suggests further consolidation before the next move.