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Ethereum Forecast: ETH/USD Downsides Remain Limited

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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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