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.
Disclaimer:
The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Ether Technical Analysis

10-22-2017 Ethereum Weekly Forecast: ETH/USD Holding Key Trend Support
09-28-2017 ETH/USD Forecast: Can Ether Capitalize Post Upside Break?
09-27-2017 ETH/USD Forecast: Can Ether's Price Make it This Time?
09-26-2017 ETH/USD Forecast: Ethereum Price Struggles near $298-$300
   

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