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