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Ethereum Price Forecast: Ether Targets Fresh Highs

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is eyeing further gains against the US dollar and bitcoin. ETH/USD must settle above the $425.00 resistance to soar toward $450.00.

Key Highlights

Ether’s price is gaining bullish momentum and is currently placed nicely above $410.00 against the US dollar.
ETH/USD is eyeing a crucial break above $425.00-430.00 on the 2-hour chart.
ETH/BTC was successful in breaking the 0.0600BTC resistance, which is a positive sign.

Technically, the 2-hour chart indicators are rising in the bullish territory.

Could ETH/USD Test $450?

In the last few analyses, we discussed the importance of the $420.00 resistance zone. ETH/USD seems to be gaining bullish momentum today and it could settle above the mentioned resistance for further upsides in the near term.

Similarly, ETH/BTC continued to move higher and the pair was successful in breaking the 0.0600BTC resistance. In the short term, the pair may possibly correct lower toward the support at 0.0580BTC, which was previously a resistance.

Ether Price Analysis Chart

Starting with the 30-minute chart of ETH/USD, the pair formed a decent support base near the $410.00 level. There were multiple attempts to clear $410.00, but Ether sellers failed. As a result, there was a strong bounce and the pair moved above $415.00 and $420.00.

On the downside, there is a connecting bullish trendline forming with support at $411.00. The current price action is bullish and it seems like the pair may continue to accelerate toward the $425.00-430.00 resistance zone.

Moving up to the 2-hour chart of ETH/USD, the pair is about to break an important bearish trendline. A successful 2-hour close above the $420.00 level will most likely increase buying interest in the short term.

Ethereum Price ETH/USD Forecast

If Ether has a bearish reaction in the $420.00-430.00 region, the price may well test a significant bullish trendline with support at $402.00.

Looking at the current technical structure on both charts, the risk skews to the upside in ETH/USD as indicators are turning north. Beyond $430.00, Ether’s price has room to extend its advance up to the $450.00 price zone.

Important Resistance Levels

$425.00 and $430.00

Important Support Levels

$410.00 and $402.00

2-hour RSI

The RSI is rising toward the 65 level.

2-hour MACD

The MACD is gaining momentum in the bullish zone.

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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