ETH/USD Forecast: Triple Bottom in Place?
|Ether is steady above the $285.00-$280.00 support area against the US dollar.|
|A triple bottom pattern is forming above $285.00 on the 2-hour chart of ETH/USD.|
|ETH/BTC is struggling to break the 0.070BTC resistance and remains at risk of more declines.|
Technically, the 2-hour chart indicators are hovering near their mid-levels.
Ether Price is forming a Bullish Pattern
The ETH/USD pair followed a declining pattern during the past two sessions and upsides were capped by $295.00. However, the downside was limited by the most important support area at $285.00.
Looking at the 2-hour chart of ETH/USD, there is a triple bottom pattern forming above $285.00. It is a strong bullish sign, but Ether has to break the $295.00-$300.00 resistance to confirm the mentioned pattern.
On the upside, there are two bearish trendlines forming with resistance near $295.00. A successful close above the $295.00 resistance would push the pair towards $300.00, the next major upside barrier.
Overall, the price needs to gain momentum to overcome selling pressure near $295.00 and $300.00. Once the price is comfortably placed above $300.00, there could be a solid increase in buying sentiment for Ether.
On the other hand, if the price fails to stay above the $285.00-$280.00 support zone, it would open the doors for a sharp decline back towards $250.00.
Technically, Ether’s price presents a short-term, modest upward potential, as in the 2-hour chart, the price is developing above its 50 SMA.
Moving on to the 12-hour of ETH/USD, there is a contracting triangle forming with resistance near $300.00 and support at $280.00. The past 7-8 candles show a brief consolidation pattern.
It would take a break above the $295.00 resistance to see ETH/USD advancing further with the next intraday resistance at $300.00, as selling interest will likely reject advances above that mark.
The first support on the downside is $288.00, followed by the $285.00 pivot (triple bottom support). A break below this last support exposes $280.00 (Sep 29, 2017, low).