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ETH/USD Forecast: Buyers Remain in Control

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether took out key resistance levels against the US dollar and bitcoin. ETH/USD is currently correcting gains after setting a minor top at $314.58.

Key Highlights

Ether surged higher and climbed above the $300.00 handle against the US dollar.
ETH/USD made a short-term top at $314.58 before starting a correction towards $280.00-290.00.
ETH/BTC finally gained pace and moved above the 0.085BTC resistance.

Technically, the hourly chart indicators started correcting from the extreme overbought conditions.

Ether Price Approaching Support

In the last couple of analyses, we discussed the chances of ETH/USD testing the $300.00 level. The pair recently gained heavy bullish momentum and took out strong offers at $300.00 to trade above $310.00.

Ether Price Analysis Chart

Similarly, Ether was able to gain traction against bitcoin as the ETH/BTC pair moved above key resistance levels of 0.080BTC and 0.085BTC.

There was a solid buying interest for Ether, taking ETH/USD as high as $314.58. The pair made a short-term top near the stated level and started correcting lower towards $280.00-290.00.

There was a drop below the 23.6 percent Fibonacci retracement level of the last leg from the $254.10 low to $314.58 high. The pair even moved below a bullish trendline at $300.00 on the hourly chart.

It seems like the pair is now approaching another important support area at $280.00-290.00. There is a bullish trendline positioned along with the 38.2 percent Fibonacci retracement level of the last leg from the $254.10 low to $314.58 high.

Ethereum ETH/USD Forecast

Looking at the 4-hour chart of ETH/USD, there was a break above a rising channel at $280.00 which might act as a support if the pair continues to move down. Below $280.00, the next major support sits at $275.00.

The most important support for the current bullish trend is near $250.00 in the form of a trendline on the 4-hour chart.

To sum up, the current price action is corrective in nature and any major dips in ETH/USD remain supported on the downside above $280.00 and $275.00. The pair would resume its bullish trend above $300.00 once the current correction is complete.

Hourly MACD

The MACD is reducing its bullish slope, signaling a short-term correction.

Hourly RSI

The RSI is moving lower from the extreme overbought levels.

Important Support Levels

$280.00 and $250.00

Important Resistance Levels

$300.00 and $310.00

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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