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