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ETH/USD Forecast: Eyes Set on $270-275

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether broke a major resistance at $250.00 against the US Dollar, and ETH/USD now appears set to challenge the next hurdle at $270.00-275.00.

Key Highlights

The ETH/USD pair edged higher above the $250.00 resistance to a new all-time high at $258.62.
The pair is about to break a major connecting bearish trend line at $258.00 - 260.00 on the 4-hour chart.
The ETH/BTC pair was down roughly 4% due to heavy buying of bitcoins across the board.

Technically, the hourly chart indicators are moving nicely in the bullish territory and signaling further gains.

Ether Price Likely to Gain Momentum above $260.00

Yesterday, we discussed that if there is a break above $248.00, Ether price will accelerate its advance towards $255.00-260.00 against the US Dollar.

Ether Price Technical Analysis Chart

The ETH/USD pair did gain traction after a minor decline and was able to break yesterday’s swing high at $248.27. There was a sharp rise towards $260.00, and a new all-time high was formed at $258.62.

Later, a correction was initiated, hitting the 23.6% Fibonacci retracement level of the last wave from the $240.00 low to $258.00 high. It seems like the pair has completed a short-term correction and may resume its upside.

A push above the recent high of $258.62 could clear the way for a test of $270.00, which is the 1.618 Fibonacci extension level of the last decline from $211.00 to $115.00.

On the downside, there are two important bullish trend lines at $250.00 and $245.00 forming on the hourly chart of ETH/USD, which can be considered as a strong support zones.

Ethereum ETH/USD Forecast

Looking at the 4-hour chart, the pair is currently attempting close above a key connecting bearish trend line at $258.00-260.00.

A successful break of the trend line resistance at $260.00 might present buyers an excellent opportunity to accelerate the advance to $270.00. Above $270.00, there are real chances of $300.00 this week.

Risk sentiment remains positive for Ether with significant increase in trading volumes. Overall, technical indicators on both H1 and H4 charts support the possibility of the bullish trend for ETH/USD lasting through the week, at least from the technical perspective.

Important Resistance Levels

$260.00 and $270.00

Important Support Levels

$250.00 and $245.00

Hourly RSI

The RSI is heading towards the overbought levels, but with no sign of a major correction.

Hourly MACD

The MACD is building on the bullish momentum.

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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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.