ETH/USD Forecast: Rally To Continue
|Ether climbed to a new monthly high of $318.17 against the US Dollar and remain poised for more upsides.|
|There was a break above a connecting bearish trendline at $306.00 on the 2-hour chart of ETH/USD.|
|ETH/BTC extended declines, but managed to hold the 0.085BTC support.|
Technically, the 2-hour chart indicators are rising sharply in the bullish territory.
Ether Price to Test $325?
In yesterday’s analysis, we discussed the chances of Ether’s price trading to a new monthly high against the US Dollar if it remains above the $295.00 support.
The price did gain bullish momentum and broke an important resistance at $306.00 to surpass this month’s previous high of $314.58. A new monthly high was formed at $318.17 before the price started a minor correction.
Looking at the 30-minute chart of ETH/USD, the pair after trading as high as $318.17, started a correction. It tested the 23.6 percent Fibonacci retracement level of the last leg from the $295.92 low to $318.17 high.
The pair found support near $312.00 in a connecting bullish trendline, and currently is moving back higher. If the recent dip is complete, the pair might soon break the $318.17 high and trade further higher.
On the downside, the bullish trendline at $313.00 is an immediate support. Having said that, the most important support sits at $305.00 (previous resistance now support). Furthermore, there is another bullish trend line positioned on the 30-minute chart at $305.00.
Moving to the 2-hour chart of ETH/USD, there was a clear break above $306.00 that has opened the gates for a move towards $325.00 and the 1.236 extension of the last dip from the $314.58 high to $278.72 low.
There is a crucial bullish trend line on the downside at $301.00 which would continue to play a significant role for further upsides in Ether’s price in the near term.
Overall, buyers remain in control and the chances of ETH/USD trading towards $325.00 are very high.