Ethereum Forecast: ETH/USD Explodes, More Gains Likely
|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.
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.
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.