ETH/USD Forecast: Ethereum Price Struggles near $298-$300

Ether is facing a major resistance near $298.00 against the US dollar. ETH/USD remains at risk of a downside break if it continues to struggle below $300.00.

Key Highlights
Ether is finding it very hard to break a crucial resistance at $298.00-$300.00 against the US dollar.
There is a connecting bullish trendline forming with support at $280.00 on the 12-hour chart of ETH/USD.
ETH/BTC failed to gain momentum above the 0.075BTC support and declined by around 2%.

Technically, the 12-hour chart indicators are showing signs of trend exhaustion.

Why is Ether Price struggling near $298?

It seems like the ETH/USD pair is not able to break the $298-$300.00 resistance zone. It made a couple of attempts to settle above $295.00 but failed.

Ether Price Analysis Chart
Looking at the daily chart of ETH/USD, there is a monster confluence zone forming near $300.00. The mentioned $300.00 level is very important since it acted as both support and resistance on previous occasions.

The 50 percent Fibonacci retracement level of the last major decline from the $395.41 high to $200.91 low is also near $298.00-$300.00. Therefore, $300.00 is a major technical level and it won’t be easy for Ether buyers to gain momentum above it.

Having said that, a successful close above $300.00 would trigger heavy gains towards the next possible resistance at $340.00. On the downside, there is a connecting bullish trendline forming with support at $280.00 on the same chart.

The trendline support at $280.00 is significant for the current upside move. If Ether’s price fails to hold the $280.00 support, it would signal a short-term top and the price could decline back towards $250.00.

Ethereum Price ETH/USD Forecast
In the short term, there is a bullish trendline with support at $290.00 on the 2-hour chart of ETH/USD. Below $290.00, the pair would attempt a test of $280.00.

The bearish risk persists as long as Ether remains below the $300.00 level. The immediate support is now $290.00, followed by the trend support at $280.00. Resistances today comes at $294.00 and the mentioned $298.00-$300.00 zone.

Important Resistance Levels
$294.00 and $298.00

Important Support Levels
$290.00 and $280.00

12-Hour RSI
The RSI is still below the 50 level.

12-Hour MACD
The MACD is losing grip in the bullish zone.

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