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Ethereum Price Forecast: Ether Signaling Bullish Extension

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price gained bullish momentum and traded higher against the US dollar and bitcoin. ETH/USD settled above $300.00 and could continue to move higher toward $330.00.

Key Highlights

Ether finally broke the $300.00-306.00 resistance area against the US dollar.
The 6-hour chart of ETH/USD is signaling bullish continuation toward the $330.00 and $350.00 resistances.
ETH/BTC also gained momentum and tested the 0.0475BTC resistance.

Technically, the hourly chart indicators are placed nicely in the bullish territory.

Ether Price Analysis

This week, we discussed an important resistance zone near $300.00 and $306.00 for ETH/USD. Finally, the pair made a nice upward move above $306.00 and traded toward the $320.00 level.

Additionally, there were more gains in ETH/BTC above the 0.0460BTC level. The pair cleared the 0.0475BTC resistance, opening the doors for a push toward the 0.0490BTC and 0.0500BTC resistances.

Ether Price Analysis Chart ETH

Looking at the hourly chart of ETH/USD, the pair formed a solid support near $280.00 and started an upward move. The pair struggled a few times near the $300.00-306.00 resistance area, but Ether buyers finally had the upper hand.

The price moved higher and traded as high as $321.12 before correcting lower. It declined a few points and traded toward the broken resistance near $305.00-306.00, which acted as a support.

There is also a bullish trendline formed with support at $304.00 and the 38.2 percent Fibonacci retracement level of the recent wave from the $276.86 low to $321.12 high. The most important support is $300.00 and the 50 percent Fibonacci retracement level.

Ethereum Price ETH

Moving up to the 6-hour chart of ETH/USD, the pair is showing positive signs with a close above $300.00. It seems like Ether’s price will could continue to move higher toward the $330.00 resistance. Above this, the next significant hurdle for buyers is $350.00 (the previous crucial support).

On the downside, there is a key bullish trendline forming from lows with support at $298.00. Overall, the current price action suggests a positive technical structure above the $300.00 and $298.00 supports on both the hourly and 6-hour chart of ETH/USD. 

Important Resistance Levels

$320.00 and $330.00

Important Support Levels

$306.00 and $300.00

Hourly RSI

The RSI is now well above the 60 level with positive signs.

Hourly MACD

The MACD is placed heavily 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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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.