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ETH/USD Forecast: Ether Price to Regain $300?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether trimmed most of its weekly gains against the US dollar and bitcoin. ETH/USD is back to square one and is facing resistance near $300.00.

Key Highlights

Ether declined sharply from $305.00 to well below $290.00 against the US dollar before finding support at $280.00.
There is a major bearish trendline forming with resistance near $300.00 on the hourly chart of ETH/USD.
ETH/BTC declined further and tested the 0.070BTC support zone.

Technically, the 4-hour chart indicators are still placed comfortably in the bullish territory.

Can Ether Price Gain Momentum?

A fresh round of selling pushed the ETH/USD pair down from $303.00 to $280.00. The decline was mostly driven by a Korean regulators’ statement regarding a ban of domestic ICOs.

Ethereum Price ETH/USD Forecast

Bitcoin price also declined but later managed to recover. On the other hand, the ETH/BTC pair faced a lot of selling pressure and traded towards the 0.070BTC support.

The hourly chart of ETH/USD is pointing to a sharp decline from the $303.00 level. The pair failed to hold the $298.00, $295.00, and $290.00 support levels during the slide.

A low was formed at $279.89 from where the price started correcting higher. It has already breached the 23.6 percent Fibonacci retracement level of the recent decline from the $312.40 high to $279.89 low.

However, there is a major bearish trendline forming with resistance near $300.00. The mentioned $300.00 resistance is once again important since it is the 61.8 percent Fibonacci retracement level of the recent decline from the $312.40 high to $279.89 low.

ETH/USD has to overcome the $300.00 sell wall to move back in the bullish zone. On the downside, an initial hurdle for sellers is around a horizontal support and trendline at $288.00.

Ether Price Analysis Chart

Below $288.00, the pair would target the recent low near $280.00. Looking at the 4-hour chart of ETH/USD, there is a connecting bullish trendline with support at $275.00.

The current price action is showing signs of recovery above $290.00, but Ether has to break the $300.00 resistance to avoid short-term downsides. On the downside, supports are seen at $288.00, $280.00, and $275.00.

Important Resistance Levels

$300.00 and $312.00

Important Support Levels

$288.00 and $280.00

Hourly RSI

The RSI bounced from the 25 level, but it is still below 50.

Hourly MACD

The MACD has recovered well and is currently 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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