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ETH/USD Forecast: $400 in the Cards?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether succeeded in building bullish momentum against the US Dollar and Bitcoin. ETH/USD is now set for a test of the all-important $400.00 barrier.

Key Highlights

Ether moved higher for the third day in a row and traded to a new monthly high of $390.75 against the US Dollar.
There is a crucial support forming near $350.00 on the 6-hour chart of ETH/USD.
ETH/BTC extended gains towards 0.0850BTC and is currently trading well above 0.080BTC.

Technically, the 2-hour chart indicators are retreating from extreme overbought levels.

Ether Price Forming Strong Bullish Trend

ETH/USD is building on overnight bullish momentum as the pair posted yet another monthly high of $390.75. The ETH/BTC pair followed Ether’s bullish trajectory and traded towards 0.085BTC before retreating a few points.

Ether Price Analysis Chart

The 2-hour chart of ETH/USD clearly points to a strong bullish trend with back to back 11 bullish candles. The pair traded as high as $390.75 before forming a short-term top.

It now seems like the pair has started correcting lower, with an initial support around the 23.6 percent Fibonacci retracement level of the last wave from the $335.51 low to $390.75 high.

There is strong support forming near $365.00, with the help of a bullish trendline and a broken resistance trendline. Below $365.00, the 50 percent Fibonacci retracement level of the last wave from the $335.51 low to $390.75 high sits at $362.00.

Therefore, any major downside in ETH/USD seems limited short-term, as in the 2-hour chart, the pair is holding a bullish 21 SMA. Moving on to the 6-hour chart of ETH/USD, the pair clearly gained solid momentum once it broke the $350.00 resistance.

Ethereum ETH/USD Forecast

The mentioned $350.00 is now a strong support along with a bullish trendline on the same chart, which if broken, could make Ether susceptible to a drop to towards another bullish trendline near $325.00.

To sum up, ETH/USD remains in an uptrend above $250.00. A rise above the recent swing high of $390.75 should now assist the pair surpass the key $400.00 psychological mark and head towards testing the all-time near $414.00.

Important Resistance Levels

$390.00 and $400.00

Important Support Levels

$365.00 and $350.00

2-Hour RSI

The RSI is moving away from the overbought levels.

2-Hour MACD

The MACD is under divergence and signaling a short-term correction.

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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