ETH/USD Forecast: Test of $250 Likely
|Ether is trading on a positive note against the US dollar and is likely to surpass $230.00.|
|Looking at the 12-hour chart, the ETH/USD pair is facing an uphill task near $250.00.|
|ETH/BTC remained in an uptrend with a daily close above 0.080BTC.|
Technically, the 2-hour chart indicators are gaining momentum and extending moves in the bullish territory.
Ether Price Upside Hurdles
The recent price action is pretty bullish for Ether against both the US dollar and bitcoin. A successful close above $210.00 and 0.080BTC is a positive sign.
Looking at the 2-hour chart of ETH/USD, it seems like the pair is building on the recent bullish momentum. There was a break above a short-term connecting bearish trendline at $220.00, opening the doors for an upside push.
The pair recently tested the 50 percent Fibonacci retracement level of the last leg from the $208.59 low to $232.65 high. The downside move was protected by two bullish trendlines with current support at $220.00.
With a break above the bearish trendline, the pair is poised for further gains towards $230.00-232.00. Short-term support arrives at $220.00 as a bullish trendlines. Below that mark, there’s a small chance we could head back to the $210.00 pivot and eventually to July’s pivot of 1.1670.
Moving on to the 12-hour chart of ETH/USD, there are two crucial hurdles for the pair near $235.00 and $250.00. Both the mentioned levels are important swing points and a break above these would spur a rally going forward.
The pair has clearly breached a major bearish trendline at $200.00 and overcame selling pressure. Ether may consolidate its gains and trade sideways for the next couple of sessions, but is most likely to trade above $230.00 and challenge $250.00.
To sum up, ETH/USD regained a bidding tone and technical studies suggest further upsides in the short-to-medium term.