Key Highlights
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.

Ether Price Weekly Analysis

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.

Ethereum ETH/USD Weekly Forecast

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.

Weekly Resistance Levels

$300.00 and $310.00

Weekly Support Levels

$280.00 and $240.00

Daily RSI

The RSI is just above the 50 level.

Daily MACD

The MACD is in the bullish zone, but lacks momentum.
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
10-02-2017 ETH/USD Forecast: Ether Hesitates but Remains Supported
10-01-2017 ETH/USD Weekly Forecast: What’s Next for Ether?
09-30-2017 ETH/USD Forecast: Bounce or Bottom?
   

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