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ETH/USD Forecast: Can Ether Stay Above $400?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is surging higher against the US Dollar and Bitcoin and seems to be unstoppable. ETH/USD is testing $400.00, and looking for a daily close above the mentioned key level.

Key Highlights

The ETH/USD pair extended its breakout above $350.00 and traded as high as $414.66.
There is a crucial support area forming near $350.00, which can be considered as a weekly pivot.
The ETH/BTC pair gained heavily and moved above the 0.140BTC level.

Technically, the 30-min indicators are correcting extreme overbought levels.

Ether Price Important Trend Line Support

Ether’s stance remains bullish in the near term versus all majors like the US Dollar and Bitcoin. The recent continuous gains in both ETH/USD and ETH/BTC is a great signal for buyers looking to take Ether price to new highs.

Ether Price Technical Analysis Chart

The ETH/USD pair recently broke a major hurdle at $349.00-350.00, which opened the doors for $30.00-50.00 ride. The pair took out a monster resistance at $400.00 to trade at a new all-time high of $414.66.

Later, a correction wave was initiated, as the pair moved below the 23.6% Fibonacci retracement level of the last wave from the $338.00 low to $414.00 high.

There was a test of the $360.00 level where a bullish trend line on the 30-min chart prevented downsides. Furthermore, the 61.8% Fibonacci retracement level of the last wave from the $338.00 low to $414.00 high acted as a short-term support.

A crucial support rests at $350.00 in the form of a resistance. Ether price is once again moving higher and looking to settle above $400.00. It won’t be easy, but considering the current momentum, there is even a possibility of a new high above $420.00 during the upcoming sessions.

Ethereum ETH USD Forecast

Looking at the 2-hour chart, the current candle formation is a half bearish outside pattern, which might produce short-term declines.

A lot depends on a close above $390.00. Should it materialize, ETH/USD may look to extend gains above $400.00 in the near term.

To sum it up, ETH/USD may surprise sellers, and if the present sentiment remains for extended time, $500.00 ETH could be in the cards.

Important Resistance Levels

$390.00 and $414.00

Important Support Levels

$350.00 and $320.00

30-min RSI

The RSI is correcting extreme overbought levels, but signaling further upsides.

30-min MACD

The MACD is reducing its strong 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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