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ETH/USD Forecast: Steady Uptrend above $250

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether picking up increasing bullish momentum against the US Dollar and Bitcoin. ETH/USD faces a tough challenge near $270.00, but can even test $275.00.

Key Highlights

The ETH/USD pair followed a picture perfect bullish structure to trade towards $270.00 before correcting lower.
The pair may soon complete a 3-wave bullish pattern anywhere between $270.00-280.00 for an extended correction.
The ETH/BTC pair is stable around 0.0920BTC despite heavy gains in Bitcoin price versus the US Dollar.

Technically, the hourly chart indicators are heading further higher in the bullish territory.

Ether Price Appreciation Continues Vs Dollar

The ETH/USD pair did as we thought it might, in taking out the $245.00 and $260.00 resistance levels and heading towards a major technical level at $270.00.

Ether Price Technical Analysis Chart

In the monthly forecast, we discussed a bullish pattern with the first wave at $245.00, second at $260.00, and third at $270.00. One by one, Ether price tested the stated levels, and may soon complete a 3-wave bullish pattern anywhere between $270.00-280.00.

Yesterday’s high of $258.62 was breached for a $10 ride and new all-time high at $267.36. However, Ether faced significant selling pressure near $268.00, resulting in a downside move.

The price dipped sharply by $15 from $267.00 to $248.00-249.00. The mentioned levels were resistant earlier and during the recent slide acted as a support near $248.00.

There is also a bullish trend line formed on the hourly chart of ETH/USD at $255.00, and on the upside, there is a resistance trend line at $261.00.

The price just breached the resistance at $261.00 and settled above the 50% Fibonacci retracement level of the last decline from the $267.00 high to $249.00 low.

Ethereum ETH USD Forecast

On the topside, minor resistance lies ahead of $265.00 and then again up to the high at $267.00. Looking at the 4-hour chart of ETH/USD, there is a strong bullish structure in place in the form of a contracting triangle with support at $250.00.

On the upside, a break above $267.00 would open doors for a rise to $270 and $275. Last H4 bullish outside candle signals potential for further upside at least towards $267.00.

Important Resistance Levels

$267.00 and $270.00

Important Support Levels

$255.00 and $250.00

Hourly RSI

The RSI is slowly heading higher avoiding overbought levels.

Hourly MACD

The MACD is placed very well in the bullish zone.

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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