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ETH/USD Forecast: Ether Remains Elevated

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is preparing to surpass the $400.00 against the US Dollar, while sliding versus bitcoin. Overall, ETH/USD remains elevated for further gains.

Key Highlights

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.

Ether Price Analysis Chart

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.

Ethereum ETH/USD Forecast

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.

Important Resistance Levels

$395.00 and $400.00

Important Support Levels

$390.00 and $384.00

2-Hour RSI

The RSI is consolidating near the overbought levels.

2-Hour MACD

The MACD is slightly losing 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. 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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