ETH/USD Forecast: Ether Gaining Momentum
|Ether extended gains above the $302.00 resistance and even surpassed the $312.40 high against the US Dollar.|
|ETH/USD breached an ascending channel and traded as high as $313.76 on the hourly chart.|
|ETH/BTC managed to break the 0.070BTC resistance, which is a positive sign.|
Technically, the 4-hour chart indicators are moving higher in the bullish territory.
Ether Price to Continue Higher
There was a sharp increase in buying sentiment as both ETH/USD and ETH/BTC gained momentum during the past two sessions. ETH/USD climbed to a new weekly high and was even able to surpass $312.00 (Sep 28, 2017 high).
Similarly, the ETH/BTC pair gained bids and was able to break a major resistance area at 0.070BTC, which is a great sign for overall market sentiment.
Looking at the 4-hour chart of ETH/USD, there was a successful 4-hour close above the $300.00 resistance. The pair jumped higher and broke the $304.00 resistance and the 76.4 percent Fibonacci retracement level of the last decline from the $312.40 high to $279.89 low.
It opened the doors for a test of the last swing high at $312.40. The pair not only tested $312.40, but also surpassed the stated level to set a new bi-weekly high at $313.76.
The current 4-hour chart is bullish and looks set to close above the $305.00 resistance. Should there be a 4-hour close above $310.00, Ether’s price could attempt to clear $313.76 for a move towards $320.00.
Moving on to the hourly chart of ETH/USD, there were five consecutive bullish candles and the pair breached an ascending channel to trade as high as $313.76.
The last hourly candle at $313.76 seems to be a short-term bearish formation, which means the price could correct towards the 23.6 percent Fibonacci retracement level of the last wave from the $286.93 low to $313.76 high.
The broken channel resistance at $308.00 is also a short-term support followed by a lower trend line at $305.00. As long as ETH/USD is above $305.00, there could be more upsides in the near term, probably above $315.00.