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Ethereum Forecast: ETH/USD Extends Consolidation





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. 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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