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ETH/USD Forecast: Riding Uptrend Channel

By

Aayush

Jindal

Guest AnalystETHNews.com

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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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.