Ethereum Price Forecast: Ether Rising Steadily Toward $300
Ether’s price is rising inside a bullish path above $270.00 against the US dollar. ETH/USD may possibly trade toward $290.00 and $300.00 in the near term.
Ether formed a base near $270.00 and the price moved higher against the US dollar.
There was a break above a contracting triangle with resistance at $277.00 on the hourly chart of ETH/USD.
ETH/BTC tested the 0.0415BTC support area and seems like it could test 0.0400BTC.
Technically, the hourly chart indicators climbed into the bearish territory.
Ether Price Analysis
There was a positive price action developed above the $270.00 level in ETH/USD. The pair traded above the $280.00 level, but there was a lack of bullish momentum for a test of $290.00.
On the other hand, ETH/BTC faced renewed selling pressure as it tested the 0.0415BTC support. The next major support on the downside is near the 0.0400BTC level.
Starting with the hourly chart of ETH/USD, a base formed near the $270.00 level. The pair climbed above a contracting triangle with resistance at $277.00, which opened the doors for more gains.
More importantly, there was a break above the 50 percent Fibonacci retracement level of the last decline from the $298.17 high to $259.56 low. The price traded above the $280.00 level, but it seems like Ether buyers struggled to gain momentum.
Should there be a downside correction, the price could test the broken trendline at $276.00, below which the next major support is near the $270.00 pivot level. Moving up to the 6-hour chart of ETH/USD, there is a lot of bearish price action visible below the $300.00 resistance.
It seems like there is a crucial contracting triangle in place with resistance near the $285.00 level. On the downside, the triangle support is at $260.00, below which the price may well decline sharply.
Overall, Ether is trading with a few positive signs above $270.00, but the price has to surpass many hurdles near $290.00 and $300.00 to climb into a positive zone.
Important Resistance Levels
$285.00 and $290.00
Important Support Levels
$270.00 and $260.00
The RSI is just above the 50 level.
The MACD is slowly moving in the bullish zone.
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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