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ETH/USD Forecast: Bounce or Bottom?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether remains in the bullish zone against the US Dollar and bitcoin. ETH/USD needs to gather pace above $300.00 to attempt an upside break.

Key Highlights

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.

Ethereum Price ETH/USD Forecast

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.

Ether Price Analysis Chart

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.

Important Resistance Levels

$300.00 and $310.00

Important Support Levels

$290.00 and $275.00

6-Hour RSI

The RSI is just above the 50 level.

6-Hour MACD

The MACD is placed well 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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