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ETH/USD Forecast: Aiming Higher, Focus Shifts To $100.00

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether scored new intraday heights against the US Dollar and Bitcoin. Renewed buying interest might take ETH/USD towards $98.00-100.00.

Key Highlights

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.

Ethereum ETH USD Forecast

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.

Ether Price Analysis Technical Chart

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.

Important Resistance Levels

$98.00 and $100.00

Important Support Levels

$93.00 and $92.00

30-min RSI

The RSI has reached overbought levels and currently consolidating.

30-min MACD

The MACD gained heavy momentum 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

ETHNews is commited to its Editorial Policy

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