ETH/USD Forecast: $300.00 a Real Possibility
|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.
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.
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.