Ether’s price is preparing for the next short-term break against the US dollar. ETH/USD must settle above $300.00 to gain bullish momentum.
Ether’s price rally failed near the $300.00-306.00 resistance zone against the US dollar.
Yesterday’s bearish trendline is intact with current resistance near $300.00 on the 2-hour chart of ETH/USD.
ETH/BTC is slowly rising and could continue to move toward the 0.0475BTC resistance.
Technically, the 2-hour chart indicators are rising higher in the bullish territory.
Ether Price Analysis
Yesterday, we discussed a significant resistance near $300.00 and a bearish trendline on the 2-hour chart of ETH/USD. The pair tested the $300.00-306.00 resistance zone, but failed to break it.
ETH/BTC remained in a short-term correction from the 0.0415BTC support. The pair may continue to rise toward the 0.0465BTC and 0.0475BTC resistance levels.
The 2-hour chart of ETH/USD indicates that the pair failed to break a crucial bearish trendline, with current resistance at $300.00. There were two attempts during the past few hours, but Ether buyers were unsuccessful in clearing the $300.00-302.00 resistance.
On the downside, there is an important bullish trendline formed with support at $285.00. Should Ether’s price close below the trendline, it could drop back toward the $275.00 support. Conversely, a convincing break above the $300.00 resistance will most likely take the price toward the next resistance at $325.00-330.00.
Dropping down to the 30-minute chart of ETH/USD, there is a strong support formed around $280.00, below which the price may test $275.00. More importantly, the pair is approaching a short-term break, with resistance near $298.00 and support at $286.00.
Therefore, both 30-minute and 2-hour charts suggest that Ether is preparing for the next short-term break either above $300.00 or below $280.00.
The immediate resistance is the $295.00 region, but only gains beyond $300.00 in ETH/USD will offer a more constructive outlook. Below $280.00, on the other hand, the risk will turn to the downside.
Important Resistance Levels
$295.00 and $300.00
Important Support Levels
$280.00 and $275.00
The RSI is currently placed nicely above the 55 level.
The MACD is gaining momentum 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.
ETHNews is commited to its Editorial Policy
Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Ether, Ethereum and Ethereum Analysis News.
The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.