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Ether Price Analysis
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ETH/USD Forecast: Ethereum Price Buyers Hold the Grip





Ether is seeing bullish action against the US dollar and bitcoin. ETH/USD buyers are holding gains and waiting for a break of $298.00 for further upsides.

Key Highlights

Ether’s price is showing a lot of bullish signs with a close above $285.00 against the US dollar.
There is a crucial resistance zone forming near $294.00-$298.00 on the 2-hour chart of ETH/USD.
ETH/BTC is holding gains above the 0.075BTC support (previous resistance).

Technically, the 2-hour chart indicators are moving steadily in the bullish territory.

Can Ether Price Break $294-$298?

In the weekly forecast of ETH/USD, we saw many positive signs on the daily chart. The pair retained the bullish momentum intraday and was able to move above the $285.00 resistance.

Ether Price Analysis Chart

Starting with the 2-hour chart of ETH/USD, there is a crucial resistance zone forming near $294.00-$298.00. The pair is struggling to break the mentioned resistance and already corrected once towards the $280.00 level.

On the downside, there are two bullish trendlines forming with support around $285.00. The mentioned $285.00 level prevented gains earlier and now it has turned into a key support.

The 23.6 percent Fibonacci retracement level of the last wave from the $252.03 low to $294.40 high is also near $285.00 to stop further declines. Having said that, Ether has to clear the $294.00-$298.00 resistance region to gain traction.

Should buyers continue to struggle above $295.00, there could be a downside break towards the 50 percent Fibonacci retracement level of the last wave from the $252.03 low to $294.40 high around $272.00.

Ethereum Price ETH/USD Forecast

Dropping down to the 30-minute chart of ETH/USD, there is a contracting triangle forming with resistance at $290.00 and support at $286.00.

A successful close above $290.00 could lift the bullish sentiment. Above $298.00, the pair would accelerate towards the $315.00-$320.00 area.

Further range trading seems the most likely prospect for ETH/USD in the short term, but a break above the $298.00 resistance would shift the focus to the upside for a move towards resistance at $315.00.

Important Resistance Levels

$294.00 and $298.00

Important Support Levels

$285.00 and $272.00

2-Hour RSI

The RSI is moving to and fro around the 60 level.

2-Hour MACD

The MACD is now placed well in the bullish zone.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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