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Ethereum Price Forecast: Ether Breaks Major Barrier

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is surging higher against the US dollar and bitcoin. ETH/USD is eyeing more upsides above the $750.00 level in the near term.

Key Highlights

Ether’s price pushed past a major resistance at $725.00 against the US dollar.
There is a key bullish trendline forming with support at $720.00 on the 30-minute chart of ETH/USD.
ETH/BTC also moved higher and broke an important resistance at 0.0790BTC.

Technically, the 2-hour chart indicators are moving higher toward the overbought levels.

ETH/USD Resumes Uptrend

There was a sharp upward move in ETH/USD above the $680.00 resistance level. The pair gained traction and succeeded in surpassing the $700.00 and $725.00 hurdles.

More importantly, there were further gains in ETH/BTC. The pair broke the 0.0750BTC and 0.0790BTC resistance levels, and it seems like the pair may continue to move higher.

Ethereum Price ETH/USD Forecast

Looking at the 2-hour chart of ETH/USD, the pair made a nice advance from the $675.00 swing low. Ether buyers took control, resulting in a break above the crucial barrier at $725.00.

The next resistance awaits at $760.00, followed by $770.00. However, the most important barrier for the current medium-term bullish trend is at $800.00. The prevailing price action indicates that the pair is less likely to correct lower before testing $760.00.

On the downside, there is a significant bullish trendline with support at $700.00. Moreover, the previous resistance at $690.00 could act as a strong support. Moving down to the 30-minute chart, there are many bullish signs above $700.00.

Ether Price Analysis Chart

There is also a key bullish trendline forming with support at $720.00 along with a horizontal support at $725.00. Should the price correct lower from the current levels, it will most likely find bids near $725.00 and $720.00.

Overall, Ether is gaining bullish momentum and it will most likely accelerate higher above the $750.00 and $760.00 levels in the near term. 

2-hour MACD

The MACD is showing a lot of positive signs in the bullish zone.

2-hour RSI

The RSI is reaching the overbought levels.

Important Support Levels

$720.00 and $725.00

Important Resistance Levels

$760.00 and $770.00

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.