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ETH/USD Forecast: Ether Preparing For Next Wave

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether recovered and moved above key levels against the US Dollar and Bitcoin. ETH/USD now awaits a break above $93.00 for further gains.

Key Highlights

The ETH/USD pair slowly gained momentum intraday, trading above the $92.00 resistance.
Yesterday’s highlighted bearish trend line at $92.00 on the 2-hour chart was cleared during the upside.
The ETH/BTC pair overcame bearish pressure, helping to improve overall market sentiment.

Technically, the 2-hour chart indicators moved above their mid-lines, signaling a shift in the market sentiment.

Ether Price to Gain Momentum

In yesterday’s analysis, we saw two important resistance levels in ETH/USD - $92.00 and $93.00. Ether was able to move above the first resistance, which is a good sign.

Ether Price Analysis Chart

Additional, Ether price jumped against Bitcoin, igniting a substantial recovery in ETH/BTC.

As a result, the overall market sentiment improved for both ETH/USD and ETH/BTC. When we look at the 30-min chart of ETH/USD, there was a clear break and close above $92.00.

The pair even attempted a close on the $93.00 resistance, but failed. It is currently consolidating in a range above the $92.00 support. The stated support also represents the 23.6% Fibonacci retracement level of the last wave from the $88.63 low to $93.62 high.

Below $92.00, there is a connecting bullish trend line formed with support around $91.00, coinciding with the 50% Fibonacci retracement level of the last wave from the $88.63 low to $93.62 high.

The pair remains well supported on the downside, with supports as $92.00 and $91.00. As long as the price stays above these, it may soon break $93.00 and look to trade above $95.00.

Ethereum ETH USD Forecast

The 2-hour chart of ETH/USD points to an important break above the two bearish trend lines, starting at $91.00. Though momentum is still lacking, all signs on both 30-min and 2-hour chart are positive, and calling for an upside push in the near term.

Important Resistance Levels

$93.00 and $98.00

Important Support Levels

$92.00 and $91.00

30-min RSI

The RSI is now well above the neutral level.

30-min MACD

The MACD is moving nicely 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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