Ethereum Price Forecast: Ether Poised To Break The Recent Range
Ether’s price is holding key supports above the $220.00 level against the US dollar.
ETH/USD may soon break a significant symmetric triangle, with resistance at $230.00 on the 12-hour chart.ETH/BTC needs to surpass the 0.0350BTC resistance for more gains in the near term.
During the past few days, ETH/USD mostly traded in a broad range above the $200.00 pivot level. There were several lower highs and higher lows formed, indicating a breakout pattern.
ETH/BTC also moved higher and settled above the 0.0340BTC support. The pair could continue to move higher toward the 0.0350BTC resistance in the short term. Let’s start with the 12-hour chart of ETH/USD to understand the current range pattern above the $220.00 support. The pair seems to be trading in a significant symmetric triangle, with resistance at $230.00. The price recently traded toward the $250.00 level, but it failed to gain momentum.There was a failure noted near the 61.8 percent Fibonacci retracement level of the last decline from the $302.26 high to $167.73 low. Later, the price started trading in a contracting range, with current resistance at $230.00 and support near $220.00.Should Ether break the triangle resistance and settle above $230.00, there could be more upsides toward the $250.00 swing high and the $275.00 resistance.
About Ethereum (ETH): Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk.The project was bootstrapped via an ether presale in August 2014 by fans all around the world. It is developed by the Ethereum Foundation, a Swiss non-profit, with contributions from great minds across the globe.
Ethereum (ETH) is the 2nd largest cryptocurrency by market cap size. It is up 3.10% over the past 24 hours and is currently trading at $300.86. It can be bought with fiat dollars, credit cards, or debit cards on cryptocurrency exchanges such as Coinbase, CEX.io, and Changelly.