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ETH/USD Forecast: New Leg Higher Underway

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is rising higher after completing a minor correction against the US dollar and bitcoin. ETH/USD remains well supported above $280.00 and eyes further gains.

Key Highlights

Ether most likely completed yesterday’s initiated correction wave at $280.00 against the US dollar.
The ETH/USD pair followed the lead of the crucial bullish trendline at $280.00 on the 4-hour chart.
ETH/BTC remained well bid above the 0.085BTC support and is eyeing a break above 0.090BTC.

Technically, the 4-hour chart indicators are moving higher once again after retreating from the overbought conditions.

Ether Price Approaching Support

Yesterday, the ETH/USD pair started a short-term correction and moved below $300.00. It traded towards the $280.00 support area where strong buying interest prevented further declines.

Ether Price Analysis Chart

Looking at the hourly chart, the pair bounced perfectly from a bullish trendline at $280.00. The pair resumed its uptrend and broke a connecting bearish trendline at $297.50.

It is currently following a bullish trendline with support at $297.00 and eyes a proper close above the $300.00 handle. Considering the fact that the price is above the 50 percent Fibonacci retracement level of the last decline from the $314.58 high to $278.72 low, the pair might continue to trade higher.

If buyers remain in control, the pair may soon retest the recent high of $314.58. On the downside, the first bullish trendline at $297.00 is an initial support. The next major buy zone is near the second bullish trendline with current support at $284.00.

Ethereum ETH/USD Forecast

Moving on to the 4-hour chart of ETH/USD, the recent rejection near $280.00 was from a crucial bullish trendline. If the trendline continues to protect losses, the pair would remain in an uptrend.

A break below $280.00 should lead to an extension down to $275.00, with additional slides targeting $260.00. There is an important bullish trendline at $252.00 which holds the key for the current uptrend.

Ether is poised to extend its rise given that, in the hourly chart of ETH/USD, the pair has extended further above a bullish 20 simple moving average.

Important Resistance Levels

$310.00 and $315.00

Important Support Levels

$297.00 and $284.00

4-Hour RSI

The RSI is moving north towards the 75-80 levels.

4-Hour MACD

The MACD is gaining momentum in the bullish zone.

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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