Ether’s price remained range-bound against the US dollar and bitcoin. ETH/USD seems to be facing a tough challenge near the $300.00-306.00 resistance.
Ether’s price remained well-supported above $290.00, but it struggled to break $306.00 against the US dollar.
A short-term bullish trendline is formed with support at $285.00 on the 2-hour chart of ETH/USD.
ETH/BTC is trading in a range above the 0.0450BTC support and eyes a test of the 0.0475BTC resistance.
Technically, the 2-hour chart indicators are rising higher in the bullish territory.
Ether Price Analysis
Yesterday, we discussed that a proper close and gains beyond $300.00 in ETH/USD could offer a more constructive outlook. The pair attempted a bullish break above $300.00-306.00, but buyers failed to gain momentum.
Similarly, ETH/BTC slowly and steadily climbed higher and settled above 0.0450BTC. The pair is currently trading in a range and is likely to trade higher toward the 0.0475BTC resistance.
Starting with the 30-minute chart of ETH/USD, the pair made a few attempts to settle above $300.00, but failed. There were fresh highs formed every time, like $302.00, $303.30, and $305.04, but Ether buyers were unsuccessful in retaining strength.
The price declined and is currently trading a few points below the $300.00 level. It is testing a bullish trendline and support zone around $295.00. Should there be a break and close below the trend line, there could be more losses toward the $290.00 and $285.00 levels.
To the topside, there is a connecting resistance trendline formed with a current hurdle near $306.50. More importantly, the 2-hour chart of ETH/USD indicates that there is a strong resistance near the $306.00 level for Ether.
The last two 2-hour candles suggest weakness, which may take the price below the $295.00 support. However, the price is likely to find a strong buying interest near a short-term bullish trendline, with current support at $285.00.
Overall, Ether’s price is struggling to settle above $300.00-306.00. Therefore, it will either surge past $306.00 or decline to test the $285.00 support in the coming sessions.
Important Resistance Levels
$300.00 and $306.00
Important Support Levels
$295.00 and $285.00
The RSI is moving lower toward the 55 level.
The MACD is showing signs of weakness 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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