Key Highlights
Ether continues to trade in a range between $285.00-295.00 against the US dollar.
A crucial support near $285.00-280.00 is in place on the 6-hour chart of ETH/USD.
ETH/BTC corrected higher but is struggling to clear the 0.070BTC resistance.

Technically, the 30-minute chart indicators are gaining momentum in the bearish territory.

Ether Price Might Soon Break the Wall

Yesterday, we discussed an important support area for ETH/USD near $285.00. The pair held the mentioned $285.00 support and challenged the $295.00 resistance.

Ethereum Price ETH/USD Forecast

Starting with the 6-hour chart of ETH/USD, two bullish trendlines with support near $285.00 are intact and might continue to act as a strong barrier for a downside break.

It seems like there is a key support base forming above $280.00. As long as Ether’s price is above the $280.00 support, there could be an upside break soon. To the topside, there is a bearish trendline forming with current resistance at $298.00 on the same chart.

Overall, as discussed yesterday, there is a contracting breakout pattern forming with support above $280.00 and resistance just below $300.00. The price could soon break either $280.00 or $300.00 and make the next move.

A close above $300.00 would be a strong bullish sign for a rally towards $320.00 or higher. On the flip side, a close below $280.00 could trigger a downside reaction towards $250.00.

Ether Price Analysis Chart

Dropping down to the 30-minute chart of ETH/USD, the pair recently tested the $295.00 resistance and failed to settle above it. As a result, a downside move was initiated and the pair broke a couple of bullish trendlines at $294.00 and $291.00.

If the current momentum stays intact, the price could retest $286.00. In the short term, the risk remains towards the upside as long as losses remain above $280.00, a major technical support, with a break above $295.00, probably resulting in a bullish extension towards $298.00 (trendline resistance).

30-minute MACD

The MACD is back in the bearish zone with a minor divergence.

30-minute RSI

The RSI is now below the 50 level and is heading towards 30.

Important Support Levels

Important Support Levels

Important Resistance Levels

$298.00 and $300.00
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
10-05-2017 ETH/USD Forecast: Triple Bottom in Place?
10-04-2017 ETH/USD Forecast: Ether Eyes Last Line of Defense
10-03-2017 ETH/USD Forecast: Ether Approaching Crucial Support
   

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