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Ether Price Analysis
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Ethereum Forecast: Can ETH/USD Gain Traction?





Ether had a quiet day against the US Dollar and bitcoin. The overall trend is still bullish, but ETH/USD looks to surpass $295.00 and $300.00 for further upsides.

Key Highlights

Ether remains supported above the $290.00 support against the US Dollar and eyeing the next move.
A bearish trendline with current resistance near $295.00 on the 4-hour chart of ETH/USD is protecting an upside break.
ETH/BTC is consolidating above the 0.050BTC support and is showing no sign of a recovery.

Technically, the hourly chart indicators are pointing toward an extended range pattern.

What’s Major Hurdle for Ether Price?

There was no major move during the past few days in ETH/USD, but the outlook was not negative as the pair stayed above a few important support levels such as $290.00 and $275.00.

Ethereum Price ETH/USD Forecast

Let’s start with the 4-hour chart of ETH/USD, which points to a major upside hurdle near $295.00. It seems like a major bearish trendline with a current resistance near $295.00 acting as a barrier for further upsides.

Earlier, the pair was rejected from the $275.00 support region and recovered well above the $300.00 level. However, the upside move was capped by the 50 percent Fibonacci retracement level of the last leg down from the $352.70 high to $275.04 low.

After the failure to settle above $310.00-311.00, the pair started a brief consolidation with slight bearish bias. There is a range pattern forming with support above $290.00 and resistance close to $300.00.

On the upside, the first bearish trendline on the same chart can be considered as an initial breakout point at $295.00. Above the mentioned $295.00, the pair faces a key resistance at $310.00. Should there be a close above $310.00, there can be an upside drift toward $340.00 or even $350.00.

Ether Price Analysis Chart

On the downside, an initial support is near $290.00, but the most important support is at $275.00. Moving on to the hourly chart of ETH/USD, there is a clear broad range forming with support at $292.00 and resistance at $298.00.

A break on either side would set the pace for the next move either above $300.00 or below $290.00. The overall trend is bullish, but there can be more ranging moves below $300.00 before the next leg.

Important Support Levels

$292.00 and $290.00

Important Resistance Levels

$295.00 and $298.00

Hourly RSI

The RSI is flat around the 45 level.

Hourly MACD

The MACD is showing no signs of a possible break in the short term.

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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