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Ethereum Forecast: Can ETH/USD Break $308?

By

Aayush

Jindal

Guest AnalystETHNews.com

ETH/USD is currently attempting an upside break above the $307.00-$308.00 levels. ETH/BTC is correcting higher from the 0.052BTC support.

Key Highlights

Ether is trimming its recent gains from the $288.04 low against the US dollar.
ETH/USD is struggling to break a bearish trendline with resistance at $307.00-308.00 on the 2-hour chart.
ETH/BTC is correcting higher towards the 0.055BTC resistance.

Technically, the 2-hour chart indicators failed to move in the bullish territory, but remains stable.

Ether Price to Trade Higher?

There was a slow and steady decline in ETH/USD from the $316.37 swing high. The pair failed to gather momentum toward $320.00 and started a downward move.

Ethereum Price ETH/USD Forecast

On the other hand, the ETH/BTC pair managed to find bids and started a recovery toward the 0.055BTC resistance where it would face a strong selling interest.

Looking at the 2-hour chart of ETH/USD, the pair is following a declining pattern from the recent $316.37 high. There is a bearish trendline with resistance at $307.00, which is acting as a hurdle for an upside break and preventing buyers from taking control.

Should there be a break and close above $307.00, the pair will most likely resume its short-term uptrend and trade toward the $315.00 level. Steady gains beyond this would push Ether toward the next major resistance at $320.00.

Ether Price Analysis Chart

Moving on to the 30-minute chart of ETH/USD, the pair seems to be attempting an upside break above a bearish trendline at $305.00. However, a proper 2-hour or hourly close above $307.00-$308.00 is required for Ether to gain traction.

On the downside, the 50 percent Fibonacci retracement level of the last wave from the $288.04 low to $316.37 high is at $302.00 to prevent declines in Ether’s price.

As for the technical picture, the 30-minute chart of ETH/USD shows that the pair continues hovering near important support levels. An acceleration through the $307.00 resistance should lead to an advance up to the $315.00 price zone, while a crucial static resistance comes at $320.00.

Important Resistance Levels

$308.00 and $320.00

Important Support Levels

$302.00 and $300.00

30-minute RSI

The RSI is heading higher toward the 50 level.

30-minute MACD

The MACD is about to move back in the bullish zone.

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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