ETH/USD Forecast: Strong Bullish Momentum
|After a strong upside move, Ether started consolidating gains above $370.00 against the US Dollar.|
|There is a short-term bearish trendline forming with resistance at $385.00 on the hourly chart of ETH/USD.|
|ETH/BTC is stable above 0.082BTC and might retest 0.080BTC.|
Technically, the 4-hour chart indicators are moving to and fro near the overbought levels.
Ether Price to Head Higher
After topping at $390.75, ETH/USD eased within range and held the $370.00 support area. Similarly, the ETH/BTC pair declined a few points and traded towards 0.082BTC.
Looking at the hourly chart of ETH/USD, there was a sharp pullback from $390.75 to $367.72 where the pair found decent support. It later recovered, and moved above the $380.00 resistance before finally starting to consolidate gains.
The pair has already settled above the 61.8 percent Fibonacci retracement level of the last drop from the $390.75 high to $367.72 low, signaling a possible break of the $390.75 high to challenge $400.00.
There is a short-term bearish trendline forming with resistance at $386.00. Buyers need to overcome offers near the trend line resistance at $386.00 to set the tone for more upsides.
On the downside, an initial support rests at $380.00 and the 50 percent Fibonacci retracement level of the last leg from the $367.72 low to $388.65 high. Below $380.00, the weekly support at $370.00 is seen as a major hurdle for further declines.
The 4-hour chart of ETH/USD shows a strong bullish momentum above $360.00. There was a break above a connecting resistance trendline which later acted as a support near $370.00.
A key support now stands around a bullish trendline on the same chart at $360.00. The overall bias remains bullish, therefore Ether is likely to extend its upside once the current consolidation is complete.
On the other hand, the immediate resistance for ETH/USD stands at $390.00, with gains above it supporting an extension up to $400.00.