ETH/USD Weekly Forecast: Ether in Clear Uptrend
|Ether is in a solid uptrend from the July 2017 low of $133.79 against the US Dollar.|
|There is a monster ascending triangle forming with support at $290.00 on the daily chart of ETH/USD.|
|ETH/BTC started recovering from 0.075BTC and poised to test 0.080BTC (support turned resistance).|
Technically, the daily chart indicators continue to move higher in the bullish territory.
Ether Price to Break $350?
There was a decent rise in ETH/USD as the pair managed to hold the $280.00 support and settled above the $305.00 barrier this past week.
In contrast, the ETH/BTC pair declined by more than 10% towards 0.075BTC and is currently recovering towards a major pivot at 0.080BTC.
Looking at the 4-hour chart of ETH/USD, there was a rejection from $345.00. The pair declined towards $290.00 before moving back in the bullish zone. There is a slow and steady uptrend in place with resistances near $340.00 and $345.00.
On the downside, there is a bullish trendline forming with support at $328.00. Provided that the trendline support at $328.00 is intact, the chances of Ether breaking the $345.24 high are very high.
Alternatively, a break and close below $325.00 would open the doors for an extended decline towards two crucial bullish trendlines with support around $310.00.
The $310.00 support is just above the 50 percent Fibonacci retracement level of the last leg from the $271.36 low to $345.24 high. Therefore, the mentioned $310.00 support holds a lot of significance for the current uptrend.
Moving on to the daily chart of ETH/USD, there is a monster ascending triangle forming with support at $290.00. On the upside, the triangle resistance is above $350.00.
The current price action suggests further gains in ETH/USD in the medium term above $350.00. In the long-term, Ether has largely recovered from $133.79 low and the technical structure suggests a growing upside momentum.