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ETH/USD Forecast: New Highs, Rally to Continue

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether was bought aggressively against the US Dollar and Bitcoin. New all-time high was formed in ETH/USD, and more upsides are likely.

Key Highlights

The ETH/USD pair rocketed higher and moved above yesterday’s target of $125.00.
The 2-hour chart is not showing any sign of trend exhaustion, suggesting more upsides in the near term.
The ETH/BTC pair gained traction and was able to move above 0.060BTC.

Technically, the 2-hour chart indicators are reaching overbought levels, but with no sign of a major correction.

Ether Price Forms New All-time High

Ether ran up sharply and broke many important resistance levels against both majors – US Dollar and Bitcoin. ETH/USD surpassed $118.00 and traded above the $130.00 level to complete a solid bullish wave structure.

Ether Price Analysis Chart

Similarly, the ETH/BTC pair rocketed higher and was able to form a new all-time high above 0.062BTC, overcoming the possibility of a divergence formation.

Yesterday, we saw a three-wave pattern in ETH/USD. As the second leg was completed, a third leg pushed above $130, setting a new all-time high at $134.13.

The pair is currently correcting lower, facing offers near $126.00. It already broke a major bullish trend line at $130.00, signaling the start of a short-term correction.

It may soon test an initial support at $122.00, which is also near the 23.6% Fibonacci retracement level of the last wave from the $108.00 swing low to $134.00 high.

The next supports on the downside are at $118.00 and $108.00, with the latter serving as the most important support, coinciding with the 50% Fibonacci retracement level of the last wave from the $89.00 low to $134.00 high.

Ethereum ETH USD Forecast

Looking at the 2-hour chart of ETH/USD, there is a crucial ascending channel pattern with support at $125.00. As long as the pair stays above $124.00-122.00, there can be a move towards $134.00 or above it.

If there is a break below $122.00, there can be an extension the current correction towards $108.00. The overall trend is bullish with chances of a few short-term corrective moves.

Important Resistance Levels

$134.00 and $141.00

Important Support Levels

$122.00 and $118.00

2-hour RSI

The RSI is heading into the overbought levels.

2-hour MACD

The MACD is super bullish with no sign of a correction.

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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