Key Highlights
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).

Ethereum Price ETH/USD Forecast

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.

Ether Price Analysis Chart

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.

Important Resistance Levels

$313.76 and $320.00

Important Support Levels

$308.00 and $305.00

4-hour RSI

The RSI is currently well above the 50 level and heading towards 65.

4-hour MACD

The MACD is now placed well in the bullish zone.
Disclaimer:
The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Ether Technical Analysis

Today Ethereum Forecast: ETH/USD Pressured Below $300
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10-07-2017 ETH/USD Forecast: Ether Gaining Momentum
10-06-2017 ETH/USD Forecast: Ether Broke Key Resistance
   

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