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Ether Price Analysis
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ETH/USD Forecast: Ethereum Price Struggles near $298-$300





Ether is facing a major resistance near $298.00 against the US dollar. ETH/USD remains at risk of a downside break if it continues to struggle below $300.00.

Key Highlights

Ether is finding it very hard to break a crucial resistance at $298.00-$300.00 against the US dollar.
There is a connecting bullish trendline forming with support at $280.00 on the 12-hour chart of ETH/USD.
ETH/BTC failed to gain momentum above the 0.075BTC support and declined by around 2%.

Technically, the 12-hour chart indicators are showing signs of trend exhaustion.

Why is Ether Price struggling near $298?

It seems like the ETH/USD pair is not able to break the $298-$300.00 resistance zone. It made a couple of attempts to settle above $295.00 but failed.

Ether Price Analysis Chart

Looking at the daily chart of ETH/USD, there is a monster confluence zone forming near $300.00. The mentioned $300.00 level is very important since it acted as both support and resistance on previous occasions.

The 50 percent Fibonacci retracement level of the last major decline from the $395.41 high to $200.91 low is also near $298.00-$300.00. Therefore, $300.00 is a major technical level and it won’t be easy for Ether buyers to gain momentum above it.

Having said that, a successful close above $300.00 would trigger heavy gains towards the next possible resistance at $340.00. On the downside, there is a connecting bullish trendline forming with support at $280.00 on the same chart.

The trendline support at $280.00 is significant for the current upside move. If Ether’s price fails to hold the $280.00 support, it would signal a short-term top and the price could decline back towards $250.00.

Ethereum Price ETH/USD Forecast

In the short term, there is a bullish trendline with support at $290.00 on the 2-hour chart of ETH/USD. Below $290.00, the pair would attempt a test of $280.00.

The bearish risk persists as long as Ether remains below the $300.00 level. The immediate support is now $290.00, followed by the trend support at $280.00. Resistances today comes at $294.00 and the mentioned $298.00-$300.00 zone.

Important Resistance Levels

$294.00 and $298.00

Important Support Levels

$290.00 and $280.00

12-Hour RSI

The RSI is still below the 50 level.

12-Hour MACD

The MACD is losing grip 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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