ETH/USD Forecast: Ether Broke Key Resistance
|Ether is rising and recently broke the $300.00 resistance against the US dollar.|
|There was a break above a major bearish trendline with resistance at $294.00 on the 4-hour chart of ETH/USD.|
|ETH/BTC remained below 0.070BTC and traded in a range.|
Technically, the hourly chart indicators have reached the overbought levels.
Can Ether Price Gain Momentum?
Finally, ETH/USD buyers succeeded in overcoming selling pressure and pushed the pair above the $295.00 and $300.00 resistance levels. On the other hand, ETH/BTC continued to trade in a range below 0.070BTC.
Starting with the 4-hour chart of ETH/USD, there was a break above a major bearish trendline with resistance at $294.00. It seems to be a perfect break since the last two candles were bullish above $294.00.
Buyers succeeded in clearing the $300.00 sell wall and a new intraday high was formed near $303.18. During the upside, the 50 percent Fibonacci retracement level of the last decline from the $312.40 high to $279.89 low was cleared, which is a positive sign.
However, the pair needs to gain momentum to capitalize on the recent upside break above $295.00. The next short-term resistance is near the 76.4 percent Fibonacci retracement level of the last decline from the $312.40 high to $279.89 low at $304.70.
Moving on to the hourly chart of ETH/USD, the pair is showing signs of losing upward momentum. On the downside, there is a broken resistance trendline at $297.00 and a bullish trendline at $298.00, which are decent support levels.
Should the pair correct lower from the $303.18 high or $304.00, there can be a test of $298.00. As long as Ether’s price is above $298.00 today, there could be an upside attempt towards $305.00.
In the medium term, a weekly close above the $300.00 handle should open doors for a continued rise towards $312.00 (Sep 28, 2017, high) and then $325.00.