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Ether Price Analysis
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ETH/USD Forecast: Triple Bottom in Place?





Ether is modestly positive against the US dollar but remains in the bearish zone versus bitcoin. ETH/USD has to stay above $285.00 to gain upside momentum.

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.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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