ETH/USD Forecast: Ethereum Price Firms above $275
|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.
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.
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.