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Ethereum Forecast: ETH/USD Responds To Crucial Support

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is showing a lot of bullish signs against the US dollar and bitcoin. ETH/USD is currently above $300.00 and eyeing further gains.

Key Highlights

Ether found reinforcement near a crucial technical support at $275.00 against the US dollar and bounced back.
There was a break above a major bearish trendline with resistance at $298.00 on the 2-hour chart of ETH/USD.
ETH/BTC also recovered sharply and moved above the 0.052BTC resistance.

Technically, the 2-hour chart indicators are moving higher in the bullish territory.

Ether Price Bounce Looks Real

Yesterday, we saw a key downside break in ETH/USD below $288.00 and witnessed the test of a crucial technical support at $275.00. The mentioned technical support at $275.00 proved significant as Ether’s price bounced sharply.

Ethereum Price ETH/USD Forecast

Similarly, the ETH/BTC pair found support near 0.047BTC and started an upside move. It seems like the overall market sentiment improved and helped Ether in moving back in the bullish zone.

Looking at the 12-hour chart of ETH/USD, the pair was strongly bid near $275.00 and the 50 percent Fibonacci retracement level of the last leg from the $200.91 low to $352.70 high. As a result, the pair is currently gaining pace and is trading above the $300.00 level.

The current 12-hour candle is super bullish and signaling more upsides in the short term toward $315.00-$320.00. Above $320.00, the most important resistance is near $350.00 and the monthly high at $352.70.

Dropping down to the 2-hour chart of ETH/USD, there was a break above a major bearish trendline with resistance at $298.00. The pair was successful in surpassing the 50 percent Fibonacci retracement level of the last decline from the $324.12 high to $275.04 low.

Ether Price Analysis Chart

It has opened the doors for more upsides towards the next resistance at $315.00 and $320.00. On the downside, the broken resistance near $300.00-$298.00 would act as a support followed by $286.00.

Overall, ETH/USD’s technical structure suggests an improving short-term buying interest above $298.00. Resistances from the current level come at $315.00, followed by the strong $320.00 region. To the downside, the $298.00 prize zone is the immediate support, followed by $286.00 and the more relevant $275.00 level.

Important Resistance Levels

$315.00 and $320.00

Important Support Levels

$298.00 and $286.00

2-hour RSI

The RSI is now well above 50 and heading towards 65.

2-hour MACD

The MACD is gaining momentum 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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