Ethereum Forecast: ETH/USD Neutral Short Term
|Ether is holding a few major supports such as $297.00 and $285.00 against the US dollar.|
|There is a bullish trendline forming with support at $297.00 on the 30-minute chart of ETH/USD.|
|ETH/BTC remains in the bearish zone with no real sign of a recovery.|
Technically, the 30-minute chart indicators are stable with a slightly bullish tone above their midlines.
Ether Price Remains Flat
Yesterday, we saw a recovery above $295.00 in ETH/USD. The pair traded above $300.00 but failed to maintain its bullish tone above the $305.00 level.
On the other hand, there was no relief for ETH/BTC buyers as the pair remained in the bearish zone. The most important support on the downside is at 0.060BTC.
Looking at the 30-minute chart of ETH/USD, there is a range forming above a bullish trendline with support at $297.00. The trendline protected a downside break on a few occasions and is currently holding gains above $297.00.
On the upside, there is a key barrier forming at $302.50. Should there be a break above $302.50, the price could attempt another break of the recent high at $305.81.
The 2-hour chart of ETH/USD suggests that there is a major bearish trendline with current resistance at $302.00. Therefore, a successful close above the trendline resistance will most likely clear the way for a test of $313.00.
In the event that Ether’s price goes lower from the $302.00 resistance zone, the first line of defense for buyers would be $297.00. Any potential breakdown below that point could see ETH/USD make a move towards $285.00.
Alternatively, if Ether breaks through the $302.00-302.50 resistance zone then this could pave the way for a rise towards $305.80 resistance next and possibly another re-test of $313.00.
In the medium term, ETH/USD is placed at an important technical juncture for a possible upside break towards $400.00.