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Ethereum Forecast: ETH/USD Poised for Further Gains

By

Aayush

Jindal

Guest AnalystETHNews.com

ETH/USD is poised for further gains above $311.00. However, Ether’s price struggle versus bitcoin continues below the 0.050BTC and 0.052BTC resistances.

Key Highlights

Ether failed once again to break the $311.00 resistance against the US dollar but remains in the bullish zone.
There is a key bullish trendline forming with support at $306.00 on the 2-hour chart of ETH/USD.
ETH/BTC remains below 0.050BTC and is struggling to gain traction.

Technically, the 2-hour chart indicators remain elevated in the bullish territory.

Ether Price to Break $311.00 Soon?

Yesterday, we discussed an intraday support near $305.00 in ETH/USD, which held the last downside move recently and prevented sellers from pushing the pair toward $300.00.

However, Ether buyers are still struggling to break the all-important $311.00 resistance. It acted as a barrier for further gains once again, prompting another short-term correction.

Looking at the 6-hour chart of ETH/USD, there are many bullish signs. First, the pair broke a crucial bearish trendline with resistance at $302.00, which has opened the doors for more upsides. Second, there is a major bullish trendline forming with current support at $300.00.

Finally, it seems like the pair is forming a consolidation pattern before the next move up. Above the $311.00 resistance, Ether could head toward the 61.8 percent Fibonacci retracement level of the last drop from the $352.70 high to $275.04 low at $323.00.

On the downside, the $300.00 support region would continue to act as a strong buy zone in the near term. Moving on to the 2-hour chart of ETH/USD, there were back-to-back rejections near $311.00. Having said that, the current price action is positive and suggests an upside break sooner or later.

Today’s support is seen near a connecting bullish trendline on the same chart at $306.00. Below the mentioned $306.00, the next major support sits at $302.00-$300.00.

Overall, follow-through beyond the $311.00 resistance should spark further upsides in the short term, and see the pair trading up to $323.00. Above $323.00, the $330.00 level would be the next target. 

Important Resistance Levels

$311.00 and $323.00

Important Support Levels

$306.00 and $300.00

6-Hour RSI

The RSI is currently just above the 50 level.

6-Hour MACD

The MACD is positioned nicely 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, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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