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Ethereum Forecast: ETH/USD Poised for Further Gains





ETH/USD is poised for further gains above $311.00. However, Ether’s price struggle versus bitcoin continues below the 0.050BTC and 0.052BTC resistances.

Key Highlights

Ether failed once again to break the $311.00 resistance against the US dollar but remains in the bullish zone.
There is a key bullish trendline forming with support at $306.00 on the 2-hour chart of ETH/USD.
ETH/BTC remains below 0.050BTC and is struggling to gain traction.

Technically, the 2-hour chart indicators remain elevated in the bullish territory.

Ether Price to Break $311.00 Soon?

Yesterday, we discussed an intraday support near $305.00 in ETH/USD, which held the last downside move recently and prevented sellers from pushing the pair toward $300.00.

However, Ether buyers are still struggling to break the all-important $311.00 resistance. It acted as a barrier for further gains once again, prompting another short-term correction.

Looking at the 6-hour chart of ETH/USD, there are many bullish signs. First, the pair broke a crucial bearish trendline with resistance at $302.00, which has opened the doors for more upsides. Second, there is a major bullish trendline forming with current support at $300.00.

Finally, it seems like the pair is forming a consolidation pattern before the next move up. Above the $311.00 resistance, Ether could head toward the 61.8 percent Fibonacci retracement level of the last drop from the $352.70 high to $275.04 low at $323.00.

On the downside, the $300.00 support region would continue to act as a strong buy zone in the near term. Moving on to the 2-hour chart of ETH/USD, there were back-to-back rejections near $311.00. Having said that, the current price action is positive and suggests an upside break sooner or later.

Today’s support is seen near a connecting bullish trendline on the same chart at $306.00. Below the mentioned $306.00, the next major support sits at $302.00-$300.00.

Overall, follow-through beyond the $311.00 resistance should spark further upsides in the short term, and see the pair trading up to $323.00. Above $323.00, the $330.00 level would be the next target. 

Important Resistance Levels

$311.00 and $323.00

Important Support Levels

$306.00 and $300.00

6-Hour RSI

The RSI is currently just above the 50 level.

6-Hour MACD

The MACD is positioned nicely in the bullish zone.

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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