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Ether Price Analysis
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Ethereum Forecast: ETH/USD Facing Key Resistance





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. 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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