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Ethereum Price Forecast: Ether Trend Overwhelmingly Bullish

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price moved into a bullish zone against the US dollar and bitcoin. ETH/USD is likely to move further higher above the $213.00 and $215.00 resistances.

Key Highlights

Ether’s price broke the $203.00 and $210.00 resistance levels against the US dollar.
ETH/USD traded above an ascending channel at $207.00 on the 2-hour chart.
ETH/BTC surpassed the key 0.0318BTC and 0.0320BTC resistance levels.

Technically, the 2-hour chart indicators are gaining momentum in the bullish territory.

Ether Price Analysis

In the weekly analysis, we discussed that ETH/USD is preparing for the next important break either above $203.00 or below $192.00. The pair broke to the upside and surpassed the $203.00 and $210.00 resistance levels.

Similarly, there were bullish moves in ETH/BTC as the pair broke the key 0.0318BTC and 0.0320BTC resistance levels. It opened the doors for more gains and the pair traded above 0.0325BTC. The next resistance awaits at 0.0330BTC, followed by 0.0334BTC.

Ethereum Price Analysis ETH

Looking at the 2-hour chart of ETH/USD, there was a solid bullish wave initiated from the $192.69 low. The pair followed an ascending channel and broke the $200.00 and $203.00 resistance levels. Later, buyers gained momentum, resulting in a break above the channel resistance at $207.00.

Ether rallied above the $210.00 resistance and traded to a new monthly high at $218.29. Later, the price corrected below the $210.00 level and traded toward the $208.00 level plus the broken channel trendline.

The price found support near the $208.00 level and is currently trading with a bullish angle above the $210.00 level. The 30-minute chart of ETH/USD suggests that the pair recently broke a bearish trendline at $209.00 to resume its upward move.

Ether Price Analysis ETH

An immediate resistance is near the $213.00 level, above which Ether’s price could test the $215.00 resistance. Should there be an upside break above $215.00, the price could trade to a new monthly high above $218.29.

To sum up, Ether moved into a bullish zone, and it seems like the price could continue to grind higher toward $215.00 and $220.00 in the coming sessions. 

Important Resistance Levels

$213.00 and $215.00

Important Support Levels

$208.00 and $203.00

2-hour RSI

The RSI is moving higher toward the 65 level.

2-hour MACD

The MACD is placed 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. 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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