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Ether Price Analysis
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ETH/USD Forecast: Riding Uptrend Channel





Ether still in grips of bullish pattern against the US dollar and bitcoin. ETH/USD is following an ascending channel and looks poised to extend gains.

Key Highlights

Ether continues bullish pressure against the US dollar as its price settled above $270.00.
There is a crucial rising channel forming with support at $270.00 on the 2-hour chart of ETH/USD.
ETH/BTC continued to trade in a tiny range above the 0.080BTC support.

Technically, the 2-hour chart indicators continue to extend moves in the bullish territory.

Ether Price to Gain Momentum?

The ETH/USD pair built on previous session’s gains against the US dollar and advanced to the $275.00 level. On the other hand, continuous gains in bitcoin price prevented the ETH/BTC pair from moving above the 0.082BTC resistance.

Ethereum ETH/USD Forecast

Looking at the 2-hour chart of ETH/USD, there is a crucial rising channel forming with support at $270.00. The last 4 candles on the chart clearly point to a slow and steady advance in Ether’s price above the $265.00-270.00 levels.

The recent high was $275.86 and it seems like the price may soon break it to form a new monthly high. On the upside, the channel resistance sits at $288.00. Therefore, there are chances of ETH/USD extending gains above the $295.00 level in the near term.

Provided that the channel support remains intact, the pair could even gain momentum for a run towards the $300.00 handle during the upcoming sessions.

When looking at the 30-minute chart of ETH/USD, the pair recently breached a connecting bearish trend line at $273.00. It has opened the doors for further gains above $275.00.

Ether Price Analysis Chart

On the downside, there are two key bullish trend lines forming with supports at $273.00 and $270.00. The latter one is also the 50 percent Fibonacci retracement level of the last wave from the $265.10 low to $275.86 high.

These bullish trend lines and the $270.00 support are likely to play an important role. If buyers succeed in keeping Ether’s price above $270.00, there can be an extension of the current rally above $285.00.

Important Resistance Levels

$288.00 and $300.00

Important Support Levels

$270.00 and $260.00

30-Minute RSI

The RSI is well above the 50 level and heading north.

30-Minute MACD

The MACD is extending its bullish slope and signaling more upsides.

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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