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Ethereum Forecast: ETH/USD Extends Consolidation

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether extended its consolidation against the US dollar while recovering versus bitcoin. ETH/USD needs a close above $300.00 for an upside break.

Key Highlights

Ether remained confined in a range below the $300.00 resistance against the US dollar.
There is a contracting triangle forming with support at $295.00 and resistance at $298.00 on the 2-hour chart of ETH/USD.
ETH/BTC managed to hold the 0.050BTC support and is currently correcting higher.

Technically, the 2-hour chart indicators are flat in the bullish territory.

Ether Price Remains Supported

The ETH/USD pair failed to make the next move and remained confined in a tight range during the past three sessions below the $300.00 resistance.

Ethereum Price ETH/USD Forecast

On the other hand, the ETH/BTC pair started a slow recovery and moved higher from the 0.050BTC support. However, it needs to gather momentum above 0.052BTC for further upsides.

Starting with the 2-hour chart of ETH/USD, there is a clear range pattern below $300.00 in the form of a contracting triangle, with support at $295.00 and resistance at $298.00.

Above the triangle resistance, the next major hurdle for buyers is near $310.00. On the flip side, a break below the triangle support at $295.00 could ignite further losses toward $290.00 and $288.00.

The $288.00 support is important since it is close to the 61.8 percent Fibonacci retracement level of the last leg from the $275.04 low to $311.09 high. A downside break would open the doors for a move toward $280.00 and $275.00.

Ether Price Analysis Chart

Moving on to the 30-minute chart of ETH/USD, there is a similar contracting triangle forming with support at $296.00 and resistance at $298.00. There can be short-term swing moves in Ether’s price until the next break.

In the medium term, ETH/USD’s technical structure suggests that there is growing upside momentum. However, a proper break of $300.00 and $310.00 is necessary to confirm it.

In the short term, the pair might continue to trade in a range above $280.00-$275.00. Hourly resistance is at $298.00 followed by $300.00.

Important Resistance Levels

$298.00 and $300.00

Important Support Levels

$295.00 and $290.00

2-hour RSI

The RSI does not indicate any particular bias and remains steady above 50.

2-hour MACD

The MACD is almost flat with no major directional bias.

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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