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ETH/USD Forecast: Love For Ether To Keep Rising

By

Aayush

Jindal

Guest AnalystETHNews.com

Ethereum believers are increasing day by day. The recent price action in Ether price suggests further upsides versus the US Dollar and Bitcoin.

Key Highlights

Ether continued to gain momentum, as ETH/USD surged above the $60.00 and $65.00 levels.
The ETH/BTC pair also soared higher and traded close to the 0.050BTC resistance.
At the moment, the ETH/USD pair is showing signs of a minor correction before it moves higher.

Technically, the 4-hour chart indicators are in extreme overbought conditions, signaling a short-term correction.

Can Ether Price Test $70?

Yesterday, I mentioned that ETH/USD pair may rise above $60.00, and then later consolidate near $60.00-62.00. The pair did move above the $60.00 level, but the bullish momentum was such that there was no pullback or correction from $62.00.

Ether Price Technical Analysis Chart

The pair then surged higher and broke the $62.00 and $65.00 resistance levels (Fib extension levels) on the way up. A new all-time high was formed at $68.21.

The hourly chart of ETH/USD suggests a 5-wave rising pattern, and if it’s valid, there is a chance that the price completed the pattern at $68.21. In the mentioned case, there can be a very short-term correction before the price could resume uptrend.

An initial support on the downside is at $65.00. There is a major bullish trend line formed with support at $64.00, which also represents a swing low and the 23.6% Fibonacci retracement level of the last wave from the $58.00 low to $68.00 high.

So, if the price corrects lower, the $65.00-64.00 support zone may hold the downside. Below $64.00, the next crucial support is at $62.00. It coincides with the 38.2% Fibonacci retracement level of the last wave from the $54.00 low to $68.00 high.

Ethereum ETH USD Forecast

The 4-hour chart of ETH/USD highlights a clear bullish trend with no or less chances of a pullback. However, it is about to complete 11 bullish candles, which should be treated with caution.

Overall, the price may corrects a few points towards $65.00 or $64.00, but the overall trend remains bullish for the next couple of sessions with a chance of ETH/USD testing $70.00.

Important Resistance Levels

$68.00 and $70.00

Important Support Levels

$64.00 and $62.00

Hourly RSI

The RSI has started to correct from the extreme overbought levels.

Hourly MACD

The MACD is currently showing signs of exhaustion 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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