ETH/USD Monthly Forecast: $300 Case Study
|The ETH/USD pair looks set for a break above $234.00 in order to challenge the next resistance at $245.00.|
|There is a bullish pennant pattern forming on 12-hour chart with support at $215.00.|
|The market sentiment for ETH/BTC improved overnight, helping Ether in gaining momentum.|
From a long-term technical standpoint, indicators such as Bollinger bands, MACD and RSI are signaling positive bias.
Ether Price Long Term Supports and Trend
Momentum has turned more bullish ETH/USD, as the pair stayed above $215.00-210.00 support area. ETH/BTC started showing progressive signs as well.
Let’s start by looking back at the ETH/USD charts in 12-hour increments of ETH/USD. After a decline from $211.00 to $115.00, the pair recovered well and successfully managed to trade above $200.00.
The pair was able to form a new all-time high at $233.34 and started trading in a range. At present, there is a bullish pennant pattern forming with support at $215.00.
Ether price struggled to clear $233.00-234.00 since it represents the 1.236 Fibonacci extension level of the last decline from $211.00 to $115.00. Should there be a break above $234.00, Ether buyers may attempt to take the price towards $245.00 (the next extension level and a major resistance).
Above $245.00, there is no significant hurdle until $295.00-300.00. An intermediate resistance could be formed near $270.00, which is the 1.618 Fibonacci extension level of the last decline from $211.00 to $115.00.
In a nutshell, above $234.00, the next resistance is at $245.00, followed by $270.00 and $300.00. On the downside, there are many barriers for sellers such as $210.00 and $180.00.
Pullbacks from the current levels or $245.00 remain supported near the stated levels. The most important one being $100.00, which is a long term support and monthly pivot.
Moving down to the 2-hour chart of ETH/USD, the pair is about to break the $234.00 resistance. Yesterday’s highlighted contracting triangle pattern is still in play, and may soon provide an upside opening.
Corrections towards $220.00 can be considered as buying opportunities in the short term with a target of $245.00. In the medium-to-long term, ETH/USD could test $300.00 on successful break of $245.00.