ETH/USD Forecast: Ether Back In Bullish Zone
|The ETH/USD pair completed an extended correction wave at $245.00 and started an upside move.|
|The pair broke a crucial bearish trend line at $259.00 on the 2-hour chart to set the pace for the next leg.|
|The ETH/BTC pair also gained momentum, and traded above the 0.0925BTC resistance.|
Technically, the 2-hour chart indicators are back in the bullish territory and heading higher.
Ether Price Gaining Momentum
The ETH/USD pair recently started a short-term correction, which extended in two waves towards the $245.00 level. Later, the pair formed a support base near $245.00 and started trading higher.
It first breached the 38.2% Fibonacci retracement level of the last decline from the $267.00 high to $245.00 low, opening the door for more gains above the $252.00 level.
The next break was above a crucial bearish trend line at $259.00 on the 2-hour chart, which improved the bullish sentiment for Ether.
The last important break was above the 61.8% Fibonacci retracement level of the last decline from the $267.00 high to $245.00 low.
All these are great bullish signs, and suggest that the pair has completed a correction near $245.00, likely to trade with a new bullish structure.
Considering the recent correction, the price is likely to break the last swing high at $267.36 and trade to a new all-time high. I still believe that the ETH/USD pair will soon test the $270.00 technical level.
Once there is a test of $270.00, it will mark a completion of a perfect 5-wave upside move. The pair may even break the $270.00 level and trade towards $280.00.
Looking at the 6-hour chart of ETH/USD, the pair is holding a monster bullish trend line at $250.00. It also broke a short-term bearish trend line at $255.00, which is another great sign.
Overall, it seems like Ether price is back in the bullish zone, and may gain further traction in the near term.