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Ether Price Analysis
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Ethereum Forecast: ETH/USD Downsides Remain Limited





Ether is trading with a stable bias against the US Dollar and bitcoin. ETH/USD might break either $318.00 or $306.00 for the next move.

Key Highlights

Ether remains in an uptrend but struggling to break the $318.00-320.00 resistance against the US Dollar.
There is a major contracting triangle forming with resistance below $318.00 on the 2-hour chart of ETH/USD.
ETH/BTC is back below 0.050BTC since bitcoin price was able to recover after a sharp decline.

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

Ether Price to Break Higher?

There was a slow and steady rise in ETH/USD during the past three sessions, causing the pair to currently trade above the $310.00 support area.

On the flip side, the ETH/BTC pair corrected lower and moved below 0.050BTC. It remains supported as long as the 0.045BTC support is intact.

Ether Price Analysis Chart

Looking at the 30-minute chart of ETH/USD, there is a key bullish trendline forming with support near $308.00. On the upside, the pair seems to be struggling around $318.00. The current price action is bullish and suggests that the pair could attempt an upside break above $318.00.

However, Ether’s price has to stay above $308.00-306.00 in the short term for further gains. Moving on to the 2-hour chart of ETH/USD, there is a major contracting triangle forming with resistance below $318.00 and support above $306.00.

The pair is currently attempting an upside break above the triangle resistance at $316.00. Should there be a 2-hour close above $316.00, Ether could test the all-important $325.00-326.00 resistance (as discussed in the weekly forecast). Above $326.00, the price will most likely gain bullish momentum toward $340.00.

Ethereum Price ETH/USD Forecast

On the downside, the triangle support above $306.00 would play a significant role, and the price needs to stay above the mentioned level to remain in the bullish zone.

A successful close below $306.00 could negate the current short-term bullish wave and would call for a downside reaction toward $290.00, with intermediate supports at $300.00 and $296.00.

Important Resistance Levels

$318.00 and $325.00

Important Support Levels

$310.00 and $306.00

30-minute RSI

The RSI is rising and moving toward the 70 level.

30-minute MACD

The MACD is placed well 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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