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ETH/USD Forecast: Ether Back In Bullish Zone

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether started an upside move after completing a correction against the US Dollar and Bitcoin. ETH/USD is back above $260.00 and gaining pace.

Key Highlights

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.

Ether Price Technical Analysis Chart

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.

Ethereum ETH/USD Forecast

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.

Important Resistance Levels

$267.00 and $270.00

Important Support Levels

$255.00 and $245.00

2-hour RSI

The RSI is heading higher towards the 70 level.

2-hour MACD

The MACD is moving nicely 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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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.