Key Highlights
Ether is rising and recently broke the $300.00 resistance against the US dollar.
There was a break above a major bearish trendline with resistance at $294.00 on the 4-hour chart of ETH/USD.
ETH/BTC remained below 0.070BTC and traded in a range.

Technically, the hourly chart indicators have reached the overbought levels.

Can Ether Price Gain Momentum?

Finally, ETH/USD buyers succeeded in overcoming selling pressure and pushed the pair above the $295.00 and $300.00 resistance levels. On the other hand, ETH/BTC continued to trade in a range below 0.070BTC.

Ethereum Price ETH/USD Forecast

Starting with the 4-hour chart of ETH/USD, there was a break above a major bearish trendline with resistance at $294.00. It seems to be a perfect break since the last two candles were bullish above $294.00.

Buyers succeeded in clearing the $300.00 sell wall and a new intraday high was formed near $303.18. During the upside, the 50 percent Fibonacci retracement level of the last decline from the $312.40 high to $279.89 low was cleared, which is a positive sign.

However, the pair needs to gain momentum to capitalize on the recent upside break above $295.00. The next short-term resistance is near the 76.4 percent Fibonacci retracement level of the last decline from the $312.40 high to $279.89 low at $304.70.

Ether Price Analysis Chart

Moving on to the hourly chart of ETH/USD, the pair is showing signs of losing upward momentum. On the downside, there is a broken resistance trendline at $297.00 and a bullish trendline at $298.00, which are decent support levels.

Should the pair correct lower from the $303.18 high or $304.00, there can be a test of $298.00. As long as Ether’s price is above $298.00 today, there could be an upside attempt towards $305.00.

In the medium term, a weekly close above the $300.00 handle should open doors for a continued rise towards $312.00 (Sep 28, 2017, high) and then $325.00.

Hourly MACD

The MACD is gaining momentum in the bullish zone.

Hourly RSI

The RSI has reached the overbought levels and is pointing a short-term top.

Important Support Levels

$298.00 and $295.00

Important Resistance Levels

$304.00 and $312.00
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

Today Ethereum Forecast: ETH/USD Pressured Below $300
10-07-2017 ETH/USD Forecast: Ether Gaining Momentum
10-06-2017 ETH/USD Forecast: Ether Broke Key Resistance
10-05-2017 ETH/USD Forecast: Triple Bottom in Place?
   

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