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ETH/USD Monthly Forecast: Bullish August For Ether

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether overcame all odds against the US Dollar and Bitcoin to move into the bullish territory. ETH/USD broke key resistances to set the pace for this month.

Key Highlights

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.

Ethereum ETH/USD Monthly Forecast

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.

Ether Price Weekly Analysis Chart

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.

Monthly Resistance Levels

$260.00 and $275.00

Monthly Support Levels

$230.00 and $210.00

Daily RSI

The RSI is heading higher and about to move above the 50 level.

Daily MACD

The MACD is moving back 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, 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

ETHNews is commited to its Editorial Policy

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