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ETH/USD Forecast: Strong Bullish Pressures

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether bullish pressures continue against the US dollar and bitcoin. ETH/USD is now placed well above $210.00 and looks set to trade towards $240.00.

Key Highlights

ETH/USD is now turning largely positive with a break above $210.00.
There is a short-term bullish trendline forming with support near $220.00 on the hourly chart.
ETH/BTC extended gains and moved above the all-important 0.080BTC pivot.

Technically, the hourly chart indicators are correcting the overbought levels with a strong bullish bias.

Ether Price Remains Supported

Yesterday, we saw a strong bounce in Ether’s price against the US dollar as it moved past a crucial resistance area at $210.00.

Ether Price Analysis Chart

Recently, there was a correction from yesterday’s $224.35 high towards $210.00. The ETH/USD pair found support near $210.00 and the 23.6 percent Fibonacci retracement level of the recent rise from the $177.99 low to $224.35 high.

Later, the pair resumed its uptrend and moved above the $224.35 high. A new monthly high was formed at $232.65 before the pair started a downside correction.

A connecting resistance trendline on the hourly chart prevented gains above $232.00. The pair is moving towards the $220.00-218.00 levels which are near a short-term bullish trendline.

The trendline support at $220.00 is a decent hurdle for sellers since it is near the 23.6 percent Fibonacci retracement level of the last leg from the $189.96 low to $232.65 high. If $220.00 fails to hold the downside, the next major support sits at $210.00 (previous resistance now support).

Ethereum ETH/USD Forecast

Moving on to the 4-hour chart, the ETH/USD pair is facing another tough challenge at $232.00-235.00. The recent failure points the importance of $232.00-235.00 resistance zone before a test of $250.00.

On the downside, the most crucial support sits at $210.00 and $190.00. As long as the pair is above these supports, it would continue to gain momentum for further upsides towards $240.00 or $250.00.

The short-to-medium term technical pattern is now turning largely positive for ETH/USD. Ether strength is equally shown against bitcoin, which traded at a monthly high at 0.0847BTC.

Important Resistance Levels

$232.00 and $235.00

Important Support Levels

$220.00 and $210.00

Hourly RSI

The RSI is correcting from the overbought levels, but remains well in the bullish zone.

Hourly MACD

The MACD is reducing its bullish slope.

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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