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Ether Price Analysis
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ETH/USD Forecast: Ether Now Eyes $375





Ether surged above $350.00 against the US Dollar and broke 0.080BTC versus Bitcoin. ETH/USD now eyes further gains towards the $375.00 level.

Key Highlights

After completing a short-term correction, Ether climbed to a new monthly high of $366.93 against the US Dollar.
There are two bullish trendlines positioned with support at $355.00 and $345.00 on the hourly chart of ETH/USD.
ETH/BTC finally broke an important resistance zone at 0.080BTC, which is a positive signal.

Technically, the hourly chart indicators have reached extreme overbought levels, calling for a correction.

Ether Price Poised for Further Upsides

Yesterday, ETH/USD faced a strong resistance near $345.00-350.00 and corrected lower. It tested the $335.00 support zone, completed a correction, and recently spiked above the $350.00 resistance.

Ether Price Analysis Chart

Similarly, the ETH/BTC pair gained bullish momentum and surpassed a major resistance zone near 0.080BTC. The overall market sentiment for Ether was boosted and its price extended gains.

The hourly chart of ETH/USD shows how the pair slowly moved towards $350.00, finally clearing a sell wall to trade for a new monthly high of $366.93.

Ether is now giving up some of its recent gains against the US Dollar and could trade back towards $360.00 or even $355.00. On the downside, there are two bullish trendlines positioned with support at $355.00 and $345.00.

An initial support is near the first trend line at $355.00 and the 38.2 percent Fibonacci retracement level of the last leg from the $335.51 low to $366.93 high. Below $355.00, there is a key support at $350.00.

The $350.00 support holds a lot of value since it is the 50 percent Fibonacci retracement level of the last leg from the $335.51 low to $366.93 high. The most important trend line support sits at $345.00 for the current uptrend.

Ethereum ETH/USD Forecast

Moving on to the 4-hour chart of ETH/USD, yesterday’s resistance trend line with a current hurdle at $365.00 is still active. It could result in another short-term correction towards $355.00-350.00 before the price attempts a run towards $375.00.

As of this writing, ETH/USD is up by more than 6% at $364.00, a break above $366.93 (recent high) would open the door to $$370.00 and finally $375.00. On the downside, the immediate support emerges at $355.00 followed by $350.00 (a previous resistance now support).

Important Resistance Levels

$366.00 and $375.00

Important Support Levels

$355.00 and $350.00

Hourly RSI

The RSI has reached the overbought levels and might ignite a correction.

Hourly 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

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