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Ether Price Analysis
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ETH/USD Forecast: Ethereum Price Pushing Into Resistance





Ether is recovering against the US Dollar, but remains range bound versus bitcoin. ETH/USD's recovery faces a crucial test near $270.00-275.00.

Key Highlights

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.

Ethereum Price ETH/USD Forecast

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.

Ether Price Analysis Chart

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.

Important Resistance Levels

$270.00 and $280.00

Important Support Levels

$255.00 and $238.00

Hourly RSI

The RSI is moving north, but still in the bearish zone.

Hourly MACD

The MACD is recovering from the bearish zone.

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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