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Ether Price Analysis
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ETH/USD Forecast: Strong Bullish Momentum





Ether is sitting nicely in the bullish zone against the US Dollar and bitcoin. ETH/USD seems to be preparing to test $400.00 as long as it remains above $360.00.

Key Highlights

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.

Ether Price Analysis Chart

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.

Ethereum ETH/USD Forecast

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.

Important Resistance Levels

$390.00 and $400.00

Important Support Levels

$380.00 and $370.00

4-Hour RSI

The RSI has reached the overbought levels with no signs of a major correction.

4-Hour MACD

The MACD is showing signs of bullish continuation.

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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