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ETH/USD Forecast: Ether Eyes Last Line of Defense

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether mostly traded in a range against the US dollar and bitcoin. Sooner or later, ETH/USD could break $280.00 or $300.00 for the next move.

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

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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