Ether is showing positive signs above $290.00 against the US dollar. ETH/USD’s price action suggests an upside break is in the cards.
Key Highlights
Ether is gaining pace and attempting a break of the $298.00-$300.00 resistance region against the US dollar.
There was a break of a contracting triangle at $291.00 on the 30-minute chart of ETH/USD.
ETH/BTC is down by roughly 2% to 0.072BTC due to rise in bitcoin price.
Ether Price to Surge Higher?
The ETH/USD pair gained bids during the past two sessions and it seems like there are bright chances of an upside break above $298.00-$300.00 in the near term.
Ether Price Analysis Chart
Bitcoin price is on the rise which is a positive indicator for Ether’s price. However, ETH/BTC was down by around 2 percent to test the 0.072BTC support area.
Looking at the 30-minute chart of ETH/USD, there was a break above a contracting triangle with resistance at $291.00. The candle pattern after the break has opened the gates for more upsides.
There was a sharp rise from $290.00 to $295.00, suggesting an increase in buying sentiment. The price traded close to the all-important $298.00-$300.00 resistance region and posted a high of $297.38.
The price has retreated from the mentioned $297.38 high, but there is still a bullish formation considering the recent price action. An initial support on the downside is around the 50 percent Fibonacci retracement level of the last wave from the $286.94 low to $297.38 high.
Ethereum Price ETH/USD Forecast
Moving on to the 2-hour chart of ETH/USD, there was a sharp rise from a bullish trendline with current support at $290.00. The pair traded close to the $298.00 resistance and is forming a solid bullish candle. The trendline support at $290.00 would continue to play a key role in the near term.
If the recent rise from $290.00 proves to be concrete, the price would soon break $298.00 for further gains. Alternatively, another leg lower in ETH/USD from the current level would likely result in the pair testing $292.00-$290.00.
Important Resistance Levels
$298.00 and $300.00
Important Support Levels
$292.00 and $290.00
2-Hour RSI
The RSI is showing signs of strength above the 50 level.
2-Hour MACD
The MACD is gaining momentum in the bullish zone.
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Thank you for the indepth analysis.
I have some ETH....I think if the cryptos are breaking out, a run towards $400 is i the cards. We will see if it can break through it this time.
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Personally I think ETH should break $325 mark for any major move. In case if it breaks and remains there for some time with good volumes then it is possible to go above $345-$365 levels and then towards all time high. It is looking strong at the moment but we need more volumes.You can buy 20% of your money meant for investments in ETH now and wait for dips to accumulate later. Disclosure - I am holding ETH at lower levels when there was a crash in the last week.
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