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Ether Price Analysis
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Ethereum Forecast: ETH/USD Explodes, More Gains Likely





Ether surged higher and broke key resistances against the US dollar, while holding ground versus bitcoin. ETH/USD now poised to register more gains above $350.00.

Key Highlights

Ether finally surpassed the $313.00 resistance against the US dollar to trade above $340.00.
There are many supports forming such as $335.00. $320.00 and $310.00 on the 30-minute chart of ETH/USD.
ETH/BTC is holding the 0.060BTC support, which is a positive sign in the short term.

Technically, the 2-hour chart indicators are heading into the overbought levels.

Ether Price to Gain Pace above $350?

During the past few days, we saw ranging moves in ETH/USD above $280.00. Yesterday, we discussed that it would take an upward acceleration through $314.00 to see Ether’s price extending its upsides towards $325.00 and $340.00.

Ethereum Price ETH/USD Forecast

The pair finally managed to overcome selling pressure near $313.00-314.00 and traded higher by more than 12 percent. During the upside move, there was a clear break above the $325.00 and $340.00 resistance levels and a new monthly high was formed at $347.65.

More importantly, there was a break above the 61.8 percent Fibonacci retracement level of the last major drop from the $395.41 high to $200.91 low. It has opened the doors for more gains, probably towards the last swing high at $395.41.

An intermediate hurdle is near $350.00 since is it the 76.4 percent Fibonacci retracement level of the last major drop from the $395.41 high to $200.91 low.

Looking at the 2-hour chart of ETH/USD, the pair is now placed comfortably above the $314.00 resistance. The last three candles are super bullish, which suggests a strong upward momentum above $320.00.

Ether Price Analysis Chart

Dropping down to the 30-minute chart, the pair traded as high as $347.65 and is currently correcting lower. An initial support is at $335.00 and the 23.6 percent Fibonacci retracement level of the last wave from the $298.42 low to $347.65 high.

Below $335.00, the next support is at $320.00. However, the most important support is $310.00-313.00 (previous resistance). Overall, the current trend is super bullish and the recent break seems promising for more upsides in ETH/USD in the near term.

Important Resistance Levels

$347.00 and $350.00

Important Support Levels

$335.00 and $320.00

2-hour RSI

The RSI is moving towards to the 80 level.

2-hour MACD

The MACD is strongly placed 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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