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Ethereum Forecast: ETH/USD Facing Key Resistance

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether breaks higher against the US dollar while declining below 0.050BTC versus bitcoin. ETH/USD challenged $311.00 and faced heavy offers.

Key Highlights

Ether managed to break the $296.00 resistance and tested the $311.00 pivot against the US dollar.
There is a bullish trendline forming with support at $305.00 on the 30-minute chart of ETH/USD.
ETH/BTC tumbled below 0.050BTC since the price of bitcoin surged to a new all-time high.

Technically, the 2-hour chart indicators are moving higher in the bullish territory.

Ether Price Showing Bullish Signs

In the weekly forecast, we discussed how ETH/USD’s buyers need to gather momentum above $296.00 and $300.00 to challenge $311.00 once again. The pair did move higher and broke the $296.00 and $300.00 resistance levels.

Ethereum Price ETH/USD Forecast

However, the $311.00 resistance zone prevented further upsides once again and acted as a key barrier. On the flip side, the ETH/BTC pair declined and traded below 0.050BTC since bitcoin price traded to a new all-time high above $6,340.

Looking at the 2-hour chart of ETH/USD, there was a break above major contracting triangle with resistance near $296.00. It opened the doors for more upsides and the pair moved above the $300.00 and $305.00 resistance levels.

The pair challenged the $311.00 resistance on two occasions, but failed to overcome selling pressure. At present, Ether’s price is correcting lower and is trading below $310.00.

It seems like there is a crucial support forming near $298.00 on the same chart. A connecting bullish trendline is positioned at $298.00 to act as a strong buy zone.

Ether Price Analysis Chart

Dropping down to the 30-minute chart of ETH/USD, there is a short-term bullish trendline forming with support at $305.00. On the upside, the $311.00 level is a monster hurdle for buyers. An hourly close above $311.00 is required for an upside drift toward $330.00.

To sum up, ETH/USD would need to advance beyond $311.00 to gain further upside momentum. An initial support is at $305.00 and Ether’s price has scope to retest $300.00, while further slides below it could see the pair testing an important support at $298.00.

2-Hour MACD

The MACD is showing bullish signs and an increase in positive momentum.

2-Hour RSI

The RSI is currently near 60 with bullish direction.

Important Support Levels

$305.00 and $298.00

Important Resistance Levels

$311.00 and $330.00

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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