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Ethereum Forecast: Can ETH/USD Gain Traction?

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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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