ETH/USD Forecast: Ether Remains Elevated
|Ether gradually moved higher, trading at a new monthly high of $395.41 against the US Dollar.|
|There are two bullish trendlines forming with support at $390.00 and $384.00 on the 2-hour chart of ETH/USD.|
|ETH/BTC is moving lower towards the 0.080BTC support level.|
Technically, the 2-hour chart indicators are showing minor signs of trend exhaustion.
Ether Price Supports Intact
There is a steady bullish trend forming for ETH/USD as the pair remains supported on the downside above $380.00. On the other hand, the ETH/BTC has been gaining offers and slowly moving towards the 0.080BTC support level.
The 2-hour chart of ETH/USD suggest a clear uptrend with two bullish trendlines at $390.00 and $384.00. The first bullish trendline recently held the downside near $390.00 and the 23.6 percent Fibonacci retracement level of the last wave from the $370.10 low to $395.41 high.
The second trendline is more significant considering it is formed during the $335.0 low and is positioned above the 50 percent Fibonacci retracement level of the last wave from the $370.10 low to $395.41 high.
On the upside, there is a connecting resistance trendline at $396.00. A successful close above that mark would result in a test of the all-important $400.00 level.
Moving up to the 6-hour chart of ETH/USD, the pair is approaching a crucial trend line resistance near $399.00-400.00. Therefore, Ether could face strong offers near $399.00, which may likely push the price to make a fresh attempt at surpassing $400.00 hurdle.
On the other hand, weakness back below the $390.00 level is likely to find support near $384.00, which if broken might turn Ether’s price vulnerable to head back towards retesting $370.00.
Today’s NFP release in the US might impact ETH/USD, but the overall market sentiment continues to favor more gains with solid mid-term supports in place near $384.00 and $370.00.