Prediction of Ethereum prices: does the ethereal triangle break?

2 September 2018 1:46 PM

Key Points

Ether gained bullish momentum and outperformed $ 295.00 against the US dollar.

The ETH / USD may soon break a crucial contract triangle with resistance at $ 305.00 on the daily chart.

ETH / BTC holds the important 0.0400BTC support with some positive signals.

Technically, the indicators of the daily chart will probably move into the bullish territory.

Ether Weekly Price Analysis

In the last analysis, we discussed the fact that ETH / USD is meant to translate higher towards the $ 300.00 level. The pair recently gained traction, breaking resistance from $ 290.00 and $ 295.00, and eventually broke through the $ 300.00 barrier.

On the other hand, there have been some downtrend moves in ETH / BTC last week. The pair sold to 0.0400BTC, which currently serves as a strong support. In the short run, the pair could rise higher towards 0.0420BTC and 0.0440BTC until it is above 0.0400BTC.

Let's start with the 2-hour chart of Eth / USD to understand the recent rise from the low of $ 272.45. It seems that Ether buyers have been successful in gaining strength over the resistance of $ 280.00. The price traded higher and broke the $ 290.00 and $ 295.00 resistance levels.

During the upward move, there was a break above an important link bearish trend line at $ 288.00. Finally, the price broke the resistance of $ 300.00 and reached $ 302.26.

At present, the price is correcting lower and testing the Fibonacci retracement level of 23.6% from the recent low of $ 272.45 to $ 302.26. Downside there is a strong support formed around $ 285.00, a bullish trendline on the same chart and the Fibonacci 50% retracement level of the recent move.

The pair is traded inside a crucial contractual triangle with resistance to $ 305.00, rising to the daily chart of ETH / USD. If the price of Ether were to succeed in a daily close above the resistance of $ 300.00-305.00, there could be further increases in the coming days.

The next significant resistance for buyers is close to $ 340.00, $ 350.00 and a bearish trendline. On the other hand, a downside break below the triangular support at $ 270.00 will likely put a lot of pressure on Ether in the medium term.

Aayush spent over seven years as a contributor and observer of the financial markets. He specialized in market strategies and technical analysis. It strives to provide entertaining and informative analyzes on the currency and commodity markets. He is a software engineer by profession and loves blogs.

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