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ETH/USD Forecast: $300.00 a Real Possibility

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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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