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ETH/USD Forecast: Ether Gaining Momentum

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether broke $225.00 against the US Dollar, and declined below 0.075BTC versus Bitcoin. At the moment, ETH/USD is extending gains above a key resistance.

Key Highlights

Ether gained traction during the past few hours and traded above $225.00 against the US Dollar.
The ETH/USD pair broke a couple of key resistances such as $221.00 and $225.00 on the 30-min chart.
ETH/BTC extended its correction due to a sharp rise in Bitcoin price against most major cryptocurrencies.

Technically, the 30-min chart indicators are rising sharply in the bullish territory.

Ether Price Breaks Key Resistance

In yesterday’s analysis, we discussed how ETH/USD is approaching a crucial break. The pair was able to gain bids during the past few hours and after retesting the $220.00 support climbed higher sharply.

Ether Price Technical Analysis Chart

On the other hand, the ETH/BTC pair was down by more than more 10% towards 0.072BTC mostly due to increase in buying interest for Bitcoins.

Let’s start with the 30-min chart of ETH/USD that clearly shows a couple of key resistance breaks. Recently, the pair tested a major support area of $220.00 to fill buy orders and surged higher.

During the upside move, there was a break above two important bearish trend lines near $221.00. It cleared the path for more gains, and the pair was able to move past another crucial hurdle at $225.00.

The last three candles poin to a sharp increase in buyer’s strength, which could result in further upsides in the near term. The broken resistance at $225.00 may now act as a support.

Ethereum ETH/USD Forecast

Moving on to the 2-hour chart of ETH/USD, the pair seems to be attempting a close above a significant contracting triangle at $225.00. If there is an H2 close above $225.00, it would signal a major upside break.

The current candle is pretty bullish and most likely to close above $225.00. On the upside, the next resistance sits at $232.65 (August 2017 high), followed by the all-important $250.00.

To sum up, if the recent rise gains pace we can look for a run towards $240.00 and $250.00. On the downside, the $225.00 and $220.00 levels are decent supports in the short term.

Important Resistance Levels

$232.00 and $240.00

Important Support Levels

$225.00 and $220.00

30-min RSI

The RSI is now well above the 50 level and reaching overbought levels.

30-min MACD

The MACD is gaining momentum in the 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. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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