Key Highlights
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.

Ethereum ETH/USD Monthly Forecast Chart

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.

Ether Price Technical Analysis Chart

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.

Monthly Resistance Levels

$245.00 and $270.00

Monthly Support Levels

$210.00 and $180.00

12-hour RSI

The RSI is flat above 65 with a minor bullish divergence.

12-hour MACD

The MACD is stable and placed well in the bullish zone.
Disclaimer:
The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Ether Technical Analysis

08-17-2017 ETH/USD Forecast: About to Explode?
06-05-2017 ETH/USD Forecast: Holds On To Gains, $230.00 Critical
06-04-2017 ETH/USD Monthly Forecast: $300 Case Study
06-03-2017 ETH/USD Forecast: Range Trading Persists
   

Subscribe to our Newsletter

* indicates required
Email Address *
First Name
Last Name
Country
News Categories of Interest