ETH/USD Forecast: Ethereum Price Pushing Into Resistance
|Ether seems to be forming short-term support above $250.00 against the US Dollar.|
|ETH/USD is pushing into a bearish trendline with resistance at $270.00 on the hourly chart.|
|ETH/BTC continues to trade in a range and is preparing for a major break.|
Technically, the hourly chart indicators are moving higher from the oversold levels.
Can $250.00 Contain losses in Ether Price?
After a brief consolidation below $300.00, the ETH/USD pair broke a key support at $275.00 and traded as low as $252.03. On the other hand, ETH/BTC remains in a tight range and it seems like the pair is preparing for the next big move.
Starting with the hourly chart of ETH/USD, the pair formed a decent support base above $250.00 and started a short-term correction.
The pair tested the 38.2 percent Fibonacci retracement level of the last drop from the $293.52 high to $252.03 low where it is currently facing offers. On the upside, there is a major horizontal resistance near $270.00 and a bearish trendline on the hourly chart.
Above $270.00, the 50 percent Fibonacci retracement level of the last drop from the $293.52 high to $252.03 low at $273.00 would be the next resistance for Ether buyers. Any further gains should face strong offers near $280.00.
Moving on to the 4-hour chart of ETH/USD, there is a crucial bearish trendline with resistance at $280.00. A break above it won’t be easy considering the fact that the pair failed on many occasions to breach the same trendline.
On the downside, there is a new connecting bullish trendline forming with support near $255.00. Should there be a close below $255.00 followed by a break of $252.00, the pair could trade towards the next important support at $238.00.
Medium-term time frames indicate that the risk points towards the downside, with Ether’s price holding below most of its moving averages in the 4-hour chart. The most bullish development in ETH/USD would be a 4-hour close above $280.00 and the 100 SMA.