ETH/USD Forecast: Steady Uptrend above $250
|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.
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.
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.