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ETH/USD Forecast: Can Ether's Price Make it This Time?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is showing positive signs above $290.00 against the US dollar. ETH/USD’s price action suggests an upside break is in the cards.

Key Highlights

Ether is gaining pace and attempting a break of the $298.00-$300.00 resistance region against the US dollar.
There was a break of a contracting triangle at $291.00 on the 30-minute chart of ETH/USD.
ETH/BTC is down by roughly 2% to 0.072BTC due to rise in bitcoin price.

Technically, the 2-hour chart indicators moved sharply higher in the bullish territory.

Ether Price to Surge Higher?

The ETH/USD pair gained bids during the past two sessions and it seems like there are bright chances of an upside break above $298.00-$300.00 in the near term.

Ether Price Analysis Chart

Bitcoin price is on the rise which is a positive indicator for Ether’s price. However, ETH/BTC was down by around 2 percent to test the 0.072BTC support area.

Looking at the 30-minute chart of ETH/USD, there was a break above a contracting triangle with resistance at $291.00. The candle pattern after the break has opened the gates for more upsides.

There was a sharp rise from $290.00 to $295.00, suggesting an increase in buying sentiment. The price traded close to the all-important $298.00-$300.00 resistance region and posted a high of $297.38.

The price has retreated from the mentioned $297.38 high, but there is still a bullish formation considering the recent price action. An initial support on the downside is around the 50 percent Fibonacci retracement level of the last wave from the $286.94 low to $297.38 high.

Ethereum Price ETH/USD Forecast

Moving on to the 2-hour chart of ETH/USD, there was a sharp rise from a bullish trendline with current support at $290.00. The pair traded close to the $298.00 resistance and is forming a solid bullish candle. The trendline support at $290.00 would continue to play a key role in the near term.

If the recent rise from $290.00 proves to be concrete, the price would soon break $298.00 for further gains. Alternatively, another leg lower in ETH/USD from the current level would likely result in the pair testing $292.00-$290.00.

Important Resistance Levels

$298.00 and $300.00

Important Support Levels

$292.00 and $290.00

2-Hour RSI

The RSI is showing signs of strength above the 50 level.

2-Hour MACD

The MACD is gaining momentum 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. 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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