ETH/USD Forecast: Bounce or Bottom?
|Ether is slowly moving higher and attempting an upside break against the US Dollar.|
|There is a major bullish trendline forming with support near $275.00 on the 6-hour chart of ETH/USD.|
|ETH/BTC is consolidating losses above the 0.070BTC support.|
Technically, the hourly chart indicators are moving higher in the bullish territory.
Ether Price Remains Supported
There were a few bearish signs yesterday as ETH/USD declined back below the $300.00 level. However, it is now recovering and remains well supported on the downside.
On the other hand, ETH/BTC is consolidating losses above 0.070BTC and remains at a risk of further declines in the near term.
Looking at the hourly chart of ETH/USD, there is a bearish trendline with resistance at $296.00. The pair is attempting a close above the stated $296.00 resistance. Should there be a close above $296.00, the pair could attempt further gains above $300.00.
It won’t be easy for Ether buyers to push the price back above $300.00 since it is a key pivot level and the 50 percent Fibonacci retracement level of the last decline from the $312.40 high to $279.89 low.
On the downside, there is a short-term support forming near $290.00. It should hold losses and act as a buy zone. A close below $290.00 could ignite a move towards $280.00.
As of now, it seems like Ether’s price is forming a short-term bottom near $290.00 and would continue to move higher. Moving on to the 6-hour chart of ETH/USD, there is a crucial bullish trendline forming with support at $275.00.
On the upside, the $300.00 level remains a major hurdle for buyers. Therefore, there seems to be a contracting triangle forming with support at $275.00 and resistance at $300.00.
The overall sentiment is still bullish for Ether until there is no close below $275.00. The upside targets above $300.00 are $310.00 and $320.00.