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.
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
10-01-2017 ETH/USD Weekly Forecast: What’s Next for Ether?
09-30-2017 ETH/USD Forecast: Bounce or Bottom?
09-29-2017 ETH/USD Forecast: Ether Price to Regain $300?
   

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