ETH/USD Forecast: Ether Remains Strong
|Ether is gaining bullish momentum towards the recent high of $345.24 against the US Dollar.|
|Two bullish trendlines on the 4-hour chart of ETH/USD are strong supports on the downside near $300.00.|
|ETH/BTC consolidated in a range above the 0.075BTC support level.|
Technically, the 4-hour chart indicators are gaining pace above their midlines in the bullish territory.
Ether Price to Form Fresh Highs?
The ETH/USD pair is slowly grinding higher towards this week’s high of $345.24. A break above the short-term pivot of $325.00 has cleared all hurdles for further upsides in the near term.
On the other hand, there was no respite for ETH/BTC buyers. The pair continued to trade in a range above the 0.075BTC support. Both heavyweights, Ether and Bitcoin, gained during the past two sessions, sidelining upsides in ETH/BTC.
Looking at the hourly chart of ETH/USD, there is a key bullish trendline forming with support at $325.00. On the upside, there are two connecting resistance trendlines at $345.00 and $350.00.
The pair recently tested the first resistance trendline and retreated. Therefore, there is a chance that the $325.00 mark would be tested before the next move.
If buyers fail to protect the $325.00 support, there can be additional slides towards $320.00. However, the price action suggests continuation of the current bullish trend with a close above the 76.4 percent Fibonacci retracement level of the last decline from the $345.24 high to $293.11 low.
Moving on to the 6-hour chart of ETH/USD, the pair seems to be gaining momentum towards $345.00. There are two bullish trendlines forming with a strong support near $300.00-305.00.
An immediate support on the 6-hour chart rests at $320.00 (short-term pivot). Below $320.00, the trendlines support at $300.00 would act as a strong buy zone.
Overall, ETH/USD remains firmly bullish and presents downticks as buying opportunity for extension of the medium-term uptrend towards targets at $345.00 (recent high) and $360.00.