ETH/USD Monthly Forecast: Bullish August For Ether
|Ether made good ground this past week and is currently positioned well above the $200.00 support against the US Dollar.|
|The ETH/USD pair is poised to extend gains if buyers overcome sellers near $260.00.|
|ETH/BTC recovered sharply from 0.072BTC and is currently trading above the 0.080BTC pivot.|
Technically, the daily chart indicators are moving higher once again, signaling positive bias.
Ether Price Breaks $250.00
June and July were mostly bearish months for Ether as it declined against the US Dollar and Bitcoin. The ETH/USD pair traded as low as $133.78 before starting a recovery, forming a medium term bottom in the process.
Yesterday the pair not only tested the $250.00 resistance, but also managed to trade above $260.00. A new monthly high was formed at $263.94 where sellers emerged.
Looking at the daily chart of ETH/USD, there was a close above a major bearish trend line at $205.00. It is a strong bullish signal for Ether and might push its price further. At the moment, the price is trading near yet another crucial hurdle at $260.00.
There is a possibility of a reaction near the mentioned level, but the recent momentum seems to be favoring buyers. A daily close above $260.00 would open the doors for a move towards $275.00 and $300.00 in the near term.
On the downside, there is a connecting bullish trend line at $210.00. If a correction is initiated, the $230.00 and $210.00 levels become important supports.
Dropping down to the 4-hour chart, there was a proper close above a key resistance at $230.00. The stated level is now near the 38.2 percent Fibonacci retracement level of the last wave from the $177.99 low to $263.94 high, serving as a significant support.
The overall trend is bullish for Ether, and the chances of ETH/USD gaining momentum this month towards $300.00 are very high.