Ethereum Price Technical Analysis Head and Shoulders 5/22/18
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Ethereum Price Forecast: Ether Is Consolidating Losses
Ether’s price is trading with consolidation moves against the US dollar and bitcoin. ETH/USD is placed nicely above the $260.00 level and could correct higher.
Ether is mostly consolidating above the $260.00 support area against the US dollar.
A declining channel is in place with resistance at $290.00 on the 2-hour chart of ETH/USD.
ETH/BTC is consolidating above the 0.0420BTC support area with a few positive signs.
Technically, the 2-hour chart indicators are slowly rising higher in the bearish territory.
There was no major move in ETH/USD either above $280.00 or below $260.00. The price mostly traded in a range above the
, but there are a few positive signs developing on both the 2-hour and 6-hour chart.
ETH/BTC also traded in a range above the 0.0420BTC level. On the upside, a break above the 0.0440BTC and 0.0450BTC resistances is needed for a push into a bullish zone.
Looking at the 2-hour chart of ETH/USD, there is a decent support base formed around the $260.00 level. The price moved higher and settled above the $270.00 level and the 23.6 percent Fibonacci retracement level of the last decline from the $298.17 high to $259.56 low.
formed near the $280.00 level. More importantly, there is a crucial declining channel in place with resistance at $290.00. A proper break and close above the 61.8 percent Fibonacci retracement level of the last decline could push the price above the $290.00 level.
Moving up to the 6-hour chart of ETH/USD, the pair is trading inside a contracting triangle forming with support near the $260.00 level and resistance at $280.00.
Should there be a close above the triangle resistance and $290.00, the price may well climb above the $300.00 level in the near term. On the flip side, a bearish break below the $260.00 level will most likely ignite more negative moves toward the $250.00 and $240.00 levels.
The RSI is way below the 40 level and is showing no bullish signs.
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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Ether’s price is trading in ranges against the US dollar. ETH/USD is trading with a bullish angle above the $270.00 support and could soon break the $280.00 resistance.
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