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Ethereum Forecast: $304 Holds Key for ETH/USD

By

Aayush

Jindal

Guest AnalystETHNews.com

ETH/USD survived major declines below $290.00 but it is facing a major resistance. On the other hand, ETH/BTC is once again under bearish pressure.

Key Highlights

Ether recovered well from the $288.00 level against the US dollar but faces a major resistance.
There is a crucial contracting triangle forming with resistance near $304.00 on the 4-hour chart of ETH/USD.
ETH/BTC is on the edge and is attempting a close below 0.040BTC.

Technically, the hourly chart indicators managed to crawl back in the bullish territory.

Ether Price Forming Breakout Pattern

Yesterday, we saw a key downside break in ETH/USD that pushed the pair back below $300.00. However, the move found support near $290.00 and $288.00.

On the flip side, the ETH/BTC pair is once again under bearish pressure as sellers are attempting a close below the 0.040BTC support, which could trigger more declines.

Ether Price Chart Analysis

Starting with the hourly chart of ETH/USD, there was a bullish trendline break at $297.00. The pair traded as low as $287.67 from where it started an upside move. Buyers managed to gain momentum and pushed the pair above the 50 percent Fibonacci retracement level of the last drop from the $304.77 high to $287.77 low.

There is an ascending channel forming with current support at $296.00 and resistance near $301.00. Above $301.00, there is a connecting bearish trendline positioned at $302.50, which acts as a major hurdle.

The recent recovery was positive, but Ethers buyers are facing many resistances on the upside, such as $302.50, $304.00, and $311.00. The 4-hour chart of ETH/USD suggests that the pair is forming a crucial contracting triangle with resistance near $304.00.

Ethereum Price ETH/USD Forecast

The last decline in Ether’s price was from the triangle resistance near $305.00. The price is once again heading toward the same triangle resistance, currently at $304.00.

On the downside, the triangle support sits at $290.00. It seems like Ether will continue to move inside the triangle before it makes the next move, either above $304.00 or below $290.00. A break of $304.00 could take ETH/USD toward $311.00, and downside push below $290.00 will most likely increase bearish pressure. 

Important Resistance Levels

$301.00 and $304.00

Important Support Levels

$296.00 and $290.00

Hourly RSI

The RSI is inching higher toward the 60 level.

Hourly MACD

The MACD is showing positive signs 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, 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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