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Ether Price Analysis
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ETH/USD Forecast: Ether Gaining Momentum





Ether is showing numerous bullish signs against the US Dollar and bitcoin. ETH/USD is currently correcting lower, but remains supported near $305.00.

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.

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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