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Ether Price Analysis
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ETH/USD Forecast: $300.00 a Real Possibility





Ether extended bullish gains against the US Dollar and Bitcoin. ETH/USD cleared a monster resistance at $270.00, pointing a move towards $300.00.

Key Highlights

The ETH/USD pair overcame a major hurdle at $270.00 and traded to a new all-time high at $284.42.
There is an ascending contracting triangle with resistance at $288.00-290.00 forming on the 30-min chart.
The ETH/BTC pair is back above a key area at 0.10BTC, which is a positive sign.

Technically, the 30-min chart indicators have reached overbought levels, suggesting a minor pullback.

Ether Price Heading Higher

In the monthly forecast, we discussed a case study of ETH/USD testing a major milestone level at $300.00. Before $300.00, there were high chances of Ether price testing a crucial technical level at $270.00.

Ether Price Technical Analysis Chart

The price tested the $270.00 level to complete a 5-wave bullish pattern, and traded onwards to a new-all time high at $284.42. It is currently in the third wave from the $263.00 swing low, which may finish anywhere between $288.00-300.00.

There is an ascending contracting triangle with resistance at $288.00-290.00 forming on the 30-min chart. There are real chances of ETH/USD testing $288.00 in the near term, and the pair may even break it for a move above $290.00.

If buyers gain momentum, the pair could even test the $300.00 psychological level. On the downside, the triangle support is at $280.00, which is a short-term support.

Below $280.00, the 50% Fibonacci retracement level of the last wave from the $263.00 low to $284.00 high rests at $273, possibly acting as a strong support.

Ethereum ETH/USD Forecast

The 2-hour chart of ETH/USD has back to back three bullish candles, signaling an increase in buying sentiment. If the current momentum stays intact, Ether price could easily continue trading higher towards $290.00-300.00 in the near term.

On the downside, there is a bullish trend line at $270.00, and a key horizontal support at $263.00. Overall, it seems like there are many important supports formed on the downside starting with $280.00 up to $263.00.

Buying dips can be considered as buying opportunity as long as the weekly pivot at $263.00 is intact for a move towards $300.00 in the near term.

Important Resistance Levels

$284.00 and $295.00

Important Support Levels

$273.00 and $263.00

30-min RSI

The RSI has reached extreme overbought levels.

30-min MACD

The MACD is showing a lot of bullish signs.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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