ETH/USD Forecast: Riding Uptrend Channel
|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.
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.
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.