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ETH/USD Forecast: Rally To Continue





Ether rose to a new monthly high against the US Dollar and struggled slightly versus Bitcoin. ETH/USD is currently gaining momentum for a run towards $325.00.

Key Highlights

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.

Ether Price Analysis Chart ETH/USD

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.

Ethereum ETH/USD Forecast

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.

Important Resistance Levels

$318.00 and $325.00

Important Support Levels

$313.00 and $305.00

2-Hour RSI

The RSI is moving higher towards the 70 level.

2-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. 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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