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ETH/USD Forecast: Ether Eyeing $300?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether remains in a bullish trend against the US dollar and bitcoin. ETH/USD is likely to gain momentum soon for a move towards $300.00.

Key Highlights

Ether continued to gain bullish momentum and was able to move above the $270.00 level against the US dollar.
There is a short-term ascending channel forming with support at $261.00 on the 2-hour chart of ETH/USD.
ETH/BTC is consolidating and positioned nicely above the 0.080BTC pivot.

Technically, the 6-hour chart indicators are rising in the bullish territory and about to hit the overbought zone.

Ether Price Gains Traction

In yesterday’s monthly forecast, we discussed the chances of Ether trading towards the $300.00 handle against the US dollar. Considering the price action of the past 2-3 sessions, it seems like the ETH/USD pair is preparing for an upside run above $270.00.

Ether Price Analysis Chart

There is a short-term ascending channel forming with support at $261.00 on the 2-hour chart, causing the pair to continue surging higher. The current channel resistance is near $274.00.

The price is likely to challenge the recent high of $271.90 and could even break it to test the channel resistance at $274.00. If the rising channel stays intact for the next few sessions, there are possibilities of ETH/USD testing the $290.00-300.00 zone.

On the downside, the channel support is very important at $261.00. Should there be a close below $261.00, the price could test the 50 percent Fibonacci retracement level of the last wave from the $220.00 low to $271.90 high.

Ethereum ETH/USD Forecast

The monthly pivot at $230.00 holds the key to the current trend. As long as long there is no close below $230.00, the price remains in an uptrend.

Moving on to the 6-hour chart of ETH/USD, there is a monster bullish trend line forming with current support at $230.00. This clearly points to the significance of the $230.00 support.

The current 6-hour candle indicates indecision but is mostly bullish. In the short-to-medium term, the trend is bullish and buyers are most likely to extend gains above $270.00.

Important Resistance Levels

$274.00 and $290.00

Important Support Levels

$261.00 and $250.00

2-Hour RSI

The RSI is heading higher and reaching overbought levels.

2-Hour MACD

The MACD is gaining pace 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

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