Ether is seeing bullish action against the US dollar and bitcoin. ETH/USD buyers are holding gains and waiting for a break of $298.00 for further upsides.
Key Highlights
Ether’s price is showing a lot of bullish signs with a close above $285.00 against the US dollar.
There is a crucial resistance zone forming near $294.00-$298.00 on the 2-hour chart of ETH/USD.
ETH/BTC is holding gains above the 0.075BTC support (previous resistance).
Technically, the 2-hour chart indicators are moving steadily in the bullish territory.
Can Ether Price Break $294-$298?
In the weekly forecast of ETH/USD, we saw many positive signs on the daily chart. The pair retained the bullish momentum intraday and was able to move above the $285.00 resistance.
Ether Price Analysis Chart
Starting with the 2-hour chart of ETH/USD, there is a crucial resistance zone forming near $294.00-$298.00. The pair is struggling to break the mentioned resistance and already corrected once towards the $280.00 level.
On the downside, there are two bullish trendlines forming with support around $285.00. The mentioned $285.00 level prevented gains earlier and now it has turned into a key support.
The 23.6 percent Fibonacci retracement level of the last wave from the $252.03 low to $294.40 high is also near $285.00 to stop further declines. Having said that, Ether has to clear the $294.00-$298.00 resistance region to gain traction.
Should buyers continue to struggle above $295.00, there could be a downside break towards the 50 percent Fibonacci retracement level of the last wave from the $252.03 low to $294.40 high around $272.00.
Ethereum Price ETH/USD Forecast
Dropping down to the 30-minute chart of ETH/USD, there is a contracting triangle forming with resistance at $290.00 and support at $286.00.
A successful close above $290.00 could lift the bullish sentiment. Above $298.00, the pair would accelerate towards the $315.00-$320.00 area.
Further range trading seems the most likely prospect for ETH/USD in the short term, but a break above the $298.00 resistance would shift the focus to the upside for a move towards resistance at $315.00.
Important Resistance Levels
$294.00 and $298.00
Important Support Levels
$285.00 and $272.00
2-Hour RSI
The RSI is moving to and fro around the 60 level.
2-Hour MACD
The MACD is now placed well in the bullish zone.
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