Ethereum Forecast: ETH/USD’s Upside Is Favored
|Ether is silently moving higher towards the $313.00 resistance against the US dollar.|
|There is a major bullish trendline forming with support at $300.00 on the 2-hour chart of ETH/USD.|
|ETH/BTC failed to hold an important support at 0.060BTC and declined by more than 7%.|
Technically, the 6-hour chart indicators are rising in the bullish territory.
Ether Price Continues to Hold Ground
There was a steady rise in ETH/USD during the past two sessions and the pair is currently trading above the $300.00 psychological level.
However, there was a strong rise in bitcoin price as it traded to a new all-time high above $5,200. It increased selling pressure on ETH/BTC, which resulted in muted gains in ETH/USD.
Starting with the 2-hour chart of ETH/USD, the pair recently broke a bearish trendline with resistance at $300.50. It has set the tone for further short-term upsides above $301.00.
The pair is currently trading above the 61.8 percent Fibonacci retracement level of the last drop from the $313.93 high to $286.49 low, which means Ether will most likely remain in the bullish zone for a move towards $313.00.
On the downside, there a major bullish trendline forming with support at $300.00 on the same chart. As long as the price is above $300.00, it could retest $313.00. An intermediate resistance is at $310.00.
Moving on to the 6-hour chart of ETH/USD, there is a broad range visible with supports at $286.00 and $280.00. The range resistance is at $313.00-314.00, which is a major hurdle for more upsides.
The last green candle suggests that the pair will most likely test the range resistance in the near term. It would be interesting to see how it reacts when $313.00-314.00 is tested.
A proper close above $314.00 should set the tone for further gains. Overall, ETH/USD has a strong support in the $290.00 area, followed by $280.00. It would take an upward acceleration through $314.00 to see Ether’s price extending its advance, first up to $325.00, and later to $340.00.