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ETH/USD Forecast: Ether Hesitates but Remains Supported

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether maintained its bullish bias against the US dollar but declined further versus bitcoin. ETH/USD’s upsides were capped due to ETH/BTC’s decline.

Key Highlights

Ether eased a bit after failing to regain the $305.00 resistance against the US dollar.
Two important resistances are forming at $305.00 and $310.00 on the 2-hour chart of ETH/USD.
ETH/BTC declined further and traded below the 0.068BTC support.

Technically, the 2-hour chart indicators remain elevated in the bullish territory.

Ether Price is Showing Bullish Signs

There was a minor upside move in ETH/USD above the $300.00 resistance, but gains were capped by the $305.00 resistance. On the other hand, ETH/BTC continues to struggle and recently broke the 0.068BTC support.

Ether Price Analysis Chart

It seems like the recent decline in ETH/BTC is putting a lot of pressure on ETH/USD buyers. Looking at the 30-minute chart of ETH/USD, there was a decent ride from the $295.41 low to $304.74.

The pair failed to retain gains above the $304.00 level and started a downside correction. There is a bearish trendline forming with resistance at $302.00 which is protecting gains.

On the downside, the $298.00-300.00 area is a short-term support zone along with the 50 percent Fibonacci retracement level of the last wave from the $295.41 low to $304.74 high.

Should there be a close below $298.00, the price could head back towards $295.50. However, the 2-hour chart of ETH/USD is showing a lot of positive signs. There is a connecting bullish trendline forming with support at $298.00.

Ethereum Price ETH/USD Forecast

Furthermore, there is another crucial support forming near $288.00. To the topside, the pair is facing two important resistances - $305.00 and $310.00. A successful close above the mentioned resistances is required for Ether to gain further momentum towards $340.00.

The current price action is positive and a broad consolidation in ETH/USD is favored, but a bullish bias suggests that retracement pullbacks should be relatively limited.

An immediate support is near $298.00, below which Ether is likely to test $295.50. The most important trend support is now at $288.00.

Important Resistance Levels

$305.00 and $310.00

Important Support Levels

$295.00 and $288.00

30-minute RSI

The RSI is heading towards the 50 level.

30-minute MACD

The MACD is still 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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