ETH/USD Forecast: Aiming Higher, Focus Shifts To $100.00
|The ETH/USD pair is trading higher after clearing a major range resistance at $93.00.|
|An important ascending channel on the 30-min chart was breached to open the doors for upsides.|
|The ETH/BTC pair gained momentum and moved above the 0.052BTC level.|
Technically, the 30-min chart indicators are super bullish and extending moves in the bullish territory.
Ether Price Trades above Significant Resistance
Ether is among the best performers this Monday, as it moved above $93.00 against the US Dollar and broke the 0.0520BTC resistance versus the Bitcoin.
In the weekly analysis, we saw a major range pattern with resistance at $93.00 on the 2-hour chart of ETH/USD. A close above the stated level was needed for the pair to gain momentum.
Today, the pair did manage to gather pace, and moved above the $93.00 resistance, igniting an upside towards $98.00. A new weekly high was formed at $96.10 where buyers opted to take profits.
Looking at the 2-hour chart, the last candle was very bullish, suggesting an increase in positive sentiment for Ether price. If it closes (H2) above the highlighted range resistance area at $93.00, it could ignite further gains in the near term.
On the downside, there is a bullish trend line formed with support at $92.00. Should there be a pullback from the current levels, the $93.00 and $92.00 levels might act as a support.
Dropping down to the 30-min chart of ETH/USD, there is a clear uptrend visible. In fact, the pair formed a significant ascending channel, and cleared its resistance recently to set the pace for a move towards $96.00.
The current price action near $96.00 points a short-term correction or consolidation. There can be a minor corrective wave towards the $95.00-94.00 levels, but the overall trend for Ether remains bullish.
To sum it up, the recent break in ETH/USD looks convincing, and if all goes well, we can see an upside move towards $98.00 or even $100.00 during the coming sessions.