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ETH/USD Forecast: Ethereum Price Firms above $275

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether gained traction and traded higher against the US dollar and bitcoin. ETH/USD broke the $275.00 resistance, which is a positive sign.

Key Highlights

Ether buyers outpaced sellers and pushed the price above $275.00 against the US dollar.
There was a break above two key bearish trendlines near $260.00 on the 2-hour chart of ETH/USD.
ETH/BTC gained bids overnight and managed to move above the 0.070BTC resistance.

Technically, the 2-hour chart indicators are gaining momentum in the bullish territory.

Ether Price to Surpass $300

In the weekly forecast of ETH/USD, we discussed two important resistance levels ($275.00 and $295.00). The pair succeeded in gaining bids overnight and broke the $275.00 resistance and is currently eyeing a close above $295.00.

Ethereum Price ETH/USD Forecast

Similarly, the ETH/BTC pair climbed 5 percent and was able to break the 0.070BTC resistance, opening the doors for further recoveries.

Looking at the 2-hour chart of ETH/USD, the pair is up by more than 18 percent and breached the 61.8 percent Fibonacci retracement level of the last drop from the $316.17 high to $200.91 low at $272.00.

Ether buyers succeeded in breaking two key bearish trendlines near $260.00 on the same chart. These are great bullish signs. Having said that, the price is now attempting to settle above another important hurdle near $295.00 and the 50 percent Fibonacci retracement level of the last major drop from the $395.41 high to $200.91 low.

Above $295.00, there is a connecting resistance trendline positioned at $302.00 to stop the upside move. A successful close (2-hour) above $295.00 followed by a break of $302.00 would set the tone for further gains in the near term.

Ether Price Analysis Chart

On the downside, there is a bullish trendline forming with support near $280.00. Moreover, the previous resistance $275.00 is now a major support.

Moving on to the 6-hour chart of ETH/USD, the pair is attempting a close above a crucial resistance zone at $275.00. Should there be a 6-hour close above $275.00, the pair would gain bullish momentum to surpass sell offers near $302.00.

To sum up, ETH/USD would soon attempt a close above $300.00 (2-hour) which could be an opening towards the next barrier at $315.00.

Important Resistance Levels

$302.00 and $315.00

Important Support Levels

$280.00 and $275.00

2-hour RSI

The RSI is about to reach overbought levels.

2-hour MACD

The MACD is now strongly moving 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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