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ETH/USD Forecast: Ether Continues To Challenge $400.00

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether looks poised for yet another upside break against the US Dollar and Bitcoin. ETH/USD may soon surpass $395.00 to test the last high of $414.00.

Key Highlights

The ETH/USD pair is consolidating below the $400.00 handle and remain in the bullish zone.
There is a contracting triangle pattern forming with resistance at $395.00 and support near $375.00 on the hourly chart.
The ETH/BTC pair is looking to extend gains towards 0.150BTC in the near term.

Technically, the hourly chart indicators are moving nicely in the bullish territory, signaling further gains.

Ether Price About to Break above $400.00?

The ETH/USD pair recovered well after a sharp downside move towards $320.00-310.00, and now it is well positioned for further upsides.

Ether Price Technical Analysis Chart

The pair is currently struggling to clear the $400.00 handle, trading within a $20.00 margin. On the upside, the range resistance is near $390.00-395.00. On the downside, there are two bullish trend lines with support just above $375.00.

It seems like there is a contracting triangle pattern forming with an upside potential above $400.00. There is a 5-wave pattern from the $312.00 low in the making, with the price currently partaking in the 5th wave.

There are high chances of ETH/USD completing the 5th wave above the contracting triangle resistance at $395.00. Should there be a break above $395.00, the price could easily extend gains above the $400.00 level towards the $414.00 high.

The pair is already above the 76.4% Fibonacci retracement level of the drop from $414.66 high to $312.93 low, which is a positive sign pointing a retest of $414.00.

On the downside, the highlighted trend lines with support near $375.00 might play a major role for the current bullish bias. A successful close below $375.00 might call for a short-term bearish bias towards $350.00.

Ethereum ETH USD Forecast

Looking at the 4-hour chart of ETH/USD, there is a crucial support formed at $350.00. The next major support is underneath $300.00 in the form of a bullish trend line and a horizontal support.

Overall, both the medium and long term technical pattern are bullish, and short-term setbacks towards $375.00, $350.00 and even $320.00, remain well supported.

Important Resistance Levels

$395.00 and $400.00

Important Support Levels

$375.00 and $350.00

Hourly RSI

The RSI is heading higher towards the 65 level, signaling further gains.

Hourly MACD

The MACD is slowly gaining momentum 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.