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ETH/USD Forecast: Rally To Continue

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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

ETHNews is commited to its Editorial Policy

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