ETH/USD Weekly Forecast: What’s Next for Ether?
|Ether is following a bullish pattern against the US Dollar, but struggling to gain momentum above $300.00.|
|There is a key contracting bullish triangle forming with resistance at $315.00 on the daily chart of ETH/USD.|
|ETH/BTC broke the 0.070BTC support zone and remains at risk of more losses.|
Technically, the daily chart indicators are moving higher in the bullish territory.
Ether Price Upside Barrier
There were a few swing moves in ETH/USD this past week as it closed the week above $280.00. Conversely, ETH/BTC seems to be struggling a lot and remains at risk or more losses below 0.070BTC.
Starting with the daily chart of ETH/USD, the pair is forming a key contracting bullish triangle with resistance at $315.00. The triangle support is near $280.00 and holds a lot of importance for the current bullish trend.
Ether buyers need to gain momentum and break the $310.00 resistance in order to test the $340.00-350.00 resistance area. Before $310.00, a daily close above $300.00 is required since it is the 50 percent Fibonacci retracement level of the last major decline from the $395.41 high to $200.91 low.
Should there be a daily close above $300.00, the price would easily surpass the $310.00 level to test the next hurdle near the 61.8 percent Fibonacci retracement level of the last major decline from the $395.41 high to $200.91 low.
On the flip side, a daily close below $280.00 would negate the current bullish bias. In the mentioned case, the price could resume its slide and test the $240.00 support.
Moving down to the 2-hour chart of ETH/USD, there is a bearish trendline forming with resistance at $304.00. The pair recently broke a connecting bullish trendline with support at $300.00, but lacks downward momentum.
To sum up, a daily close above $300.00 would be significant for Ether to make further gains. On the other hand, a close below $280.00 could ignite losses.