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ETH/USD Forecast: Ether Broke Key Resistance

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is gaining bids against the US dollar and is stable versus bitcoin. ETH/USD is now above $300.00 and eyeing further gains.

Key Highlights

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.

Ethereum Price ETH/USD Forecast

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.

Ether Price Analysis Chart

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.

Hourly MACD

The MACD is gaining momentum in the bullish zone.

Hourly RSI

The RSI has reached the overbought levels and is pointing a short-term top.

Important Support Levels

$298.00 and $295.00

Important Resistance Levels

$304.00 and $312.00

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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