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Ether Price Analysis
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Ethereum Forecast: ETH/USD Gaining Momentum





Ether is showing bullish signs against the US dollar whereas consolidating versus bitcoin. ETH/USD is back above $300.00 and might continue to gain pace.

Key Highlights

Ether is showing bullish signs against the US dollar. ETH/USD is back above $300.00 and might continue to gain pace.
ETH/USD broke a contracting triangle with resistance at $293.00 on the 2-hour chart.
ETH/BTC is steady near 0.041BTC and continues to consolidate.

Technically, the 30-minute chart indicators are reaching the overbought levels.

Ether Price to Challenge $311 Again?

It’s a good start to the week for Ether as the price formed a short-term bottom near $292.00 against the US dollar and started an upside move.

Ether Price Analysis Chart

Looking at the 30-minute chart of ETH/USD, there was a strong rejection near $292.00. The pair attempted to break this level on a few occasions, but finally buyers had the upper hand.

An upside move was initiated with the break of a bearish trendline at $295.00 on the same chart. It opened the gates for buyers to take charge and the price moved above the 50 percent Fibonacci retracement level of the last decline from the $307.59 high to $292.11 low.

There were more than ten back-to-back bullish candles and Ether’s price comfortably broke the $300.00 resistance to trade to a new weekly high at $303.65.

It seems like the 76.4 percent Fibonacci retracement level of the last decline from the $307.59 high to $292.11 low near $303.80 is acting as a hurdle for further gains. Moreover, the technical indicators on the 30-minute chart are heading into the overbought zone, which suggests that the price might correct a few points in the short term.

Ethereum Price ETH/USD Forecast

An initial support on the downside is at $300.00 followed by the broken resistance at $295.00. Moving on to the 2-hour chart of ETH/USD, there was a break above a contracting triangle with resistance at $293.00.

The current 2-hour candle is very bullish and is pointing to further gains toward $307.00 or even $311.00. The short-term trend is now bullish and the price action suggests more upsides toward $311.00 as long as Ether is above $295.00.

30-minute MACD

The MACD is heading into the overbought zone.

30-minute RSI

The RSI is now well above the 70 level, calling for a slight correction.

Important Support Levels

$300.00 and $295.00

Important Resistance Levels

$307.00 and $311.00

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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