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ETH/USD Forecast: Ether Buyers Eye $30

By

Aayush

Jindal

Guest AnalystETHNews.com

It’s Ether buyers who are in charge at the moment against the US Dollar and Bitcoin. ETH/USD now looks poised for a move towards $30.

Key Highlights

Ether price extended its gains and formed another new all-time higher above $28.00 against the US Dollar.
The ETH/USD pair is all bullish, and it looks like the pair is eying a move towards $30.00
The ETH/BTC pair also maintained the bullish bias, and moved above the 0.020BTC.

Technically, the 12-hour chart indicators are extending moves in the bullish territory.

Ether Price Upside Surge Continues

It looks like Ether price bullish trend is here to stay for a long time, more than expected. There were continuing gains in ETH/USD, as the pair formed yet another new all-time high above $28.00.

Ether Price Analysis Chart

The pair broke the $25.00 handle with ease and surged higher. More importantly, there was a break above an ascending channel pattern on the 2-hour chart. It was a clear break, pushing the price above all barriers and resistances.

A new high was formed near $28.07 before the price started correcting lower. However, I would not call these moves as a correction, they are more of a short-term pullback before the price moves higher one more time.

On the downside, there is a major bullish trend line formed on the 2-hour chart of ETH/USD.

It found support near the 38.2% Fibonacci retracement level of the last wave from the $21.80 low to $28.07 high. If the current wave count is complete, there is a chance of ETH/USD moving back higher, and breaking the last high of $28.07.

There is even a possibility of Ether price attempting a move towards the next major $30 handle. It may act as a major resistance in the short term, and then a substantial correction is likely.

Ethereum ETH/USD Forecast

The 12-hour chart of ETH/USD clearly highlights a monster bullish trend. There were a few important breaks above $20 and $22.5, opening the doors for further gains.

Moving ahead, the same levels might now act as a support and can be considered as a buy zone.

Important Resistance Levels

$28.00 and $30.00

Important Support Levels

$25.00 and $22.50

2-hour RSI

The RSI technical is well above the 50 level, and about to extend gains.

2-hour MACD

The MACD after a minor reduction in the slope back heading higher.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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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.