ETH/USD Forecast: About to Explode?
|Ether is back in the bullish zone above $300.00 and $305.000 against the US dollar.|
|ETH/USD is gaining momentum and about to challenge this month’s high of $319.06.|
|ETH/BTC failed to hold the 0.070BTC support as bearish pressures accelerate.|
Technically, the 4-hour chart indicators are moving higher once again in the bullish territory.
Ether Price to Break $319?
Yesterday, we analyzed a false break in ETH/USD below $280.00. The pair recovered strongly from $271.36 and even managed to clear offers at $300.00.
On the other hand, the ETH/BTC pair is facing heavy downsides as it broke a key support area at 0.070BTC. Bitcoin’s price surge is preventing gains in ETH/BTC and is also containing steady gains in ETH/USD.
Having said that, the past few sessions were bullish for ETH/USD as the pair managed to clear an important bearish trendline at $285.00 on the 4-hour chart.
The pair also settled above the 61.8 Fibonacci retracement level of the last decline from the $319.06 high to $271.36 low, which is a positive sign for further gains.
The next major resistance to the topside sits at $319.06 (this month’s high). On the downside, there is a connecting bullish trendline forming with support at $298.00 on the same chart. Looking at the current and the previous candle, the pair is likely to extend gains above $308.00 in the near term.
When looking at the hourly chart of ETH/USD, there is a crucial ascending channel forming with support at $302.00. The channel resistance is currently at $314.00 which can be seen as a short-term reaction level.
There can be a minor correction towards $304.00 or even $300.00 before the price attempts an upside break towards or above $319.00. The overall trend is positive for Ether and it may continue to gain momentum as long as the price stays above $298.00.