Key Highlights
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.

Ethereum Price ETH/USD Forecast

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.

Ether Price Analysis Chart

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).

Important Resistance Levels

$295.00 and $300.00

Important Support Levels

$288.00 and $285.00

2-Hour RSI

The RSI is near the 35 level and not showing any signs of upward momentum.

2-Hour MACD

The MACD is showing signs of bearish exhaustion.
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

Today Ethereum Forecast: ETH/USD Pressured Below $300
10-06-2017 ETH/USD Forecast: Ether Broke Key Resistance
10-05-2017 ETH/USD Forecast: Triple Bottom in Place?
10-04-2017 ETH/USD Forecast: Ether Eyes Last Line of Defense
   

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