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ETH/USD Forecast: $100 Looks Like Real Deal

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether resumed its uptrend against the US Dollar and Bitcoin, and it looks like ETH/USD buyers are now in the hunt of $100.00.

Key Highlights

The ETH/USD pair after a minor consolidation around $78.00 gained traction, and jumped to a new all-time high above $88.00.
It looks like the $100.00 target is achievable, considering the current market sentiment.
The ETH/BTC pair surged above 0.055BTC, which helped Ether in gaining bids across the board.

Technically, the hourly chart indicators are reaching overbought conditions.

Ether Price Resumes Uptrend

In yesterday’s analysis, we noted a couple of important points. One of them was if ETH/BTC manages to recover above 0.055BTC, it may trigger gains in ETH/USD as well in the near term.

Ethereum ETH USD Forecast Chart

Ether price did move above 0.055BTC against the Bitcoin, which propelled ETH/USD above a major resistance area at $82.80. As a result, a new all-time high was formed above $88.00 at $89.20 (at the time of writing).

Looking at the hourly chart of ETH/USD, the pair broke the $80.00 resistance after a 5-wave pattern inside a contracting triangle was completed.

The upside surge was impressive with nine back to back bullish candles and a chance of the count reaching eleven. We may soon witness a break above $90.00 if Ether buyers remain in action for some time.

On the downside, the same $80.00 resistance may now provide support if ETH/USD starts a correction from the $90.00-94.00 levels. To understand the recent break, let’s move to the 4-hour chart.

Ether Price Technical Analysis Chart

There was a perfect pennant pattern formed with resistance at $80.00. Ether sellers took a stand around $79.00, but failed to contain gains. As a result, there was a break above the pattern resistance, opening the doors for a move towards the last swing high at $82.80.

However, there was enough momentum to clear $82.80 for a new all-time high. Ether price soared higher and even surpassed the $85.00 level for a new high at $89.20.

To sum it up, I think the $100.00 target discussed in the weekly analysis now looks a real possibility, considering the current trend in ETH/USD.

Important Resistance Levels

$90.00 and $92.00

Important Support Levels

$82.00 and $80.00

4-hour RSI

The RSI is moving higher and currently above the 60 level.

4-hour MACD

The MACD started gaining momentum once again.

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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