ETH/USD Forecast: What’s Stopping Ethereum Price?
|Upsides in Ether’s price remain capped by a strong resistance near $300.00 against the US dollar.|
|A major bearish trendline with resistance at $295.00 on the 6-hour chart of ETH/USD is stopping an upside break.|
|ETH/BTC was up more than 1.5 percent and broke the 0.073BTC resistance.|
Technically, the 2-hour chart indicators are flat in the bullish territory.
Ether Price Resistance Levels
The ETH/USD pair made no progress during the past three sessions and traded in a range above the $275.00 support. The next break seems to be much bigger, considering the ongoing consolidation.
The 6-hour chart of ETH/USD has a major bearish trendline with current resistance near $295.00, which is the main hurdle for more gains.
A successful breach of the trendline followed by $300.00 would be huge, and the pair could move higher by more than 10 percent.
On the other hand, a continuous struggle to break higher would result in a drop below the $275.00 support. The next major support in the mentioned scenario sits at $250.00 and the 50 percent Fibonacci retracement level of the last wave from the $200.91 low to $300.37 high.
The 2-hour chart of ETH/USD is pointing a clear range pattern with support at $276.00-$275.00, and resistance near $300.00. In addition, an intermediate hurdle awaits around a bearish trendline with current resistance at $290.00.
Short-term, Ether’s price presents a neutral-to-bearish stance, as in the 2-hour chart, ETH/USD is trapped between $275.00-$290.00. An upward extension beyond $290.00 should favor a minor bullish continuation towards the $295.00 region where selling interest will likely reject the advance.
While another attempt higher towards $300.00 is not ruled out, the success rate to take out such a crucial resistance is diminishing. That said, only a move below $275.00 (weekly pivot) would indicate that the positive bias that started from $200.91 has ended.