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Ethereum Forecast: ETH/USD Relatively Muted

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether moved back towards the $290.00 support against the US dollar while consolidating versus bitcoin. Let’s see what’s stopping ETH/USD from gaining momentum.

Key Highlights

Ether failed to move above the $310.00 level against the US dollar and started a downside move.
ETH/USD is currently trading near a bullish trendline with support at $290.00 on the 2-hour chart.
ETH/BTC is stable and consolidating above the 0.052BTC support (previous resistance).

Technically, the 2-hour chart indicators are sliding back in the bearish territory.

Ether Price to Retest Lows?

It seems like yesterday’s upside move in ETH/USD was more of a rejection at $275.00 rather than a bullish trend change. After a sharp rise, the pair failed to move above the $310.00 level and started a new downward slide.

Ether Price Analysis Chart

On the other hand, ETH/BTC was stable and started trading in a range above the 0.052BTC support. It must hold the 0.052BTC and 0.050BTC support levels to remain in the positive zone.

Starting with the 2-hour chart of ETH/USD, there was a complete failure near $310.00-$311.00. The pair moved down and traded below the 38.2 percent Fibonacci retracement level of the last wave from the $275.04 low to $311.25 high.

However, the downside move was protected by the $290.00 support and the 50 percent Fibonacci retracement level of the last wave from the $275.04 low to $311.25 high. There is also a bullish trendline with support at $290.00 on the same chart.

Therefore, it seems like the $290.00 support might play a significant role in the next few sessions. A close below $290.00 could spark further declines towards $285.00 and $280.00.

Ethereum Price ETH/USD Forecast

Moving up to the 6-hour chart of ETH/USD, there is a new connecting bearish trendline forming with current resistance at $305.00. The next hurdle for buyers is near $310.00, yet a more relevant resistance may be seen in the $318.00-$320.00 region.

Overall, the short-term technical picture for Ether remains neutral and the price needs to regain $310.00 to have chances of gaining further. Beyond that point, $318.00 and $320.00 are the next resistances. An immediate support is $290.00, and a break below could support additional slides, first to $285.00 and then $280.00.

Important Resistance Levels

$310.00 and $318.00

Important Support Levels

$290.00 and $285.00

6-hour RSI

The RSI is currently near 40 and heading south.

6-hour MACD

The MACD is still in the bearish zone and struggling to gain traction.

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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