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Ethereum Forecast: Can ETH/USD Break $308?





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. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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