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Ethereum Forecast: ETH/USD Gaining Momentum

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is showing bullish signs against the US dollar whereas consolidating versus bitcoin. ETH/USD is back above $300.00 and might continue to gain pace.

Key Highlights

Ether is showing bullish signs against the US dollar. ETH/USD is back above $300.00 and might continue to gain pace.
ETH/USD broke a contracting triangle with resistance at $293.00 on the 2-hour chart.
ETH/BTC is steady near 0.041BTC and continues to consolidate.

Technically, the 30-minute chart indicators are reaching the overbought levels.

Ether Price to Challenge $311 Again?

It’s a good start to the week for Ether as the price formed a short-term bottom near $292.00 against the US dollar and started an upside move.

Ether Price Analysis Chart

Looking at the 30-minute chart of ETH/USD, there was a strong rejection near $292.00. The pair attempted to break this level on a few occasions, but finally buyers had the upper hand.

An upside move was initiated with the break of a bearish trendline at $295.00 on the same chart. It opened the gates for buyers to take charge and the price moved above the 50 percent Fibonacci retracement level of the last decline from the $307.59 high to $292.11 low.

There were more than ten back-to-back bullish candles and Ether’s price comfortably broke the $300.00 resistance to trade to a new weekly high at $303.65.

It seems like the 76.4 percent Fibonacci retracement level of the last decline from the $307.59 high to $292.11 low near $303.80 is acting as a hurdle for further gains. Moreover, the technical indicators on the 30-minute chart are heading into the overbought zone, which suggests that the price might correct a few points in the short term.

Ethereum Price ETH/USD Forecast

An initial support on the downside is at $300.00 followed by the broken resistance at $295.00. Moving on to the 2-hour chart of ETH/USD, there was a break above a contracting triangle with resistance at $293.00.

The current 2-hour candle is very bullish and is pointing to further gains toward $307.00 or even $311.00. The short-term trend is now bullish and the price action suggests more upsides toward $311.00 as long as Ether is above $295.00.

30-minute MACD

The MACD is heading into the overbought zone.

30-minute RSI

The RSI is now well above the 70 level, calling for a slight correction.

Important Support Levels

$300.00 and $295.00

Important Resistance Levels

$307.00 and $311.00

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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