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Ethereum Forecast: ETH/USD Buyers Are Here!

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is gaining bullish momentum against the US Dollar and bitcoin.

Key Highlights

Ether bounced back and moved above the $304.00 and $311.00 resistance levels against the US Dollar.
There was a break above a crucial contracting triangle with resistance at $304.00 on the 4-hour chart of ETH/USD.
ETH/BTC is also gaining momentum toward the 0.046BTC resistance.

Technically, the hourly chart indicators are consolidating near the overbought levels in the bullish territory.

Ether Price Bounce Looks Real

Yesterday, we discussed about the importance of the $304.00 level in ETH/USD. The pair made a nice upside move and was able to surpass the mentioned $304.00 resistance.

Similarly, the ETH/BTC pair is showing positive signs and is trading just below the 0.045BTC resistance. On the upside, there are resistances near 0.046BTC and 0.048BTC.

Ethereum Price ETH/USD Forecast

Looking at the 4-hour chart of ETH/USD, there was a clear break above a crucial contracting triangle with resistance at $304.00. The pair gained momentum after the break and also traded above the $311.00 resistance to form a new monthly high at $319.60.

However, there is no 4-hour close above $311.00 yet. It is required for sustainable upside move in ETH/USD toward $350.00 in the near term. Having said that, the current price action is very bullish and if buyers remain in action, there can be an upside move toward $325.00 or even $330.0.

The current rejection near $320.00 is significant since the mentioned level is another critical hurdle as discussed in the weekly forecast. Therefore, a close above $320.00 would be great for further upsides.

Ether Price Analysis Chart

Moving on to the hourly chart of ETH/USD, there are two bullish trendlines forming with support at $313.00 and $308.00. Should there be a short-term correction, the pair will most likely find support as long as it remains above $308.00.

To sum up, the current trend suggests more upsides in Ether’s price with supports as $313.00. $308.00 and $304.00. To the topside, a break above $320.00 is required for gains toward $330.00 or higher. 

Important Resistance Levels

$320.00 and $330.00

Important Support Levels

$313.00 and $308.00

4-Hour RSI

The RSI is now well above the 50 level and is moving toward 65.

4-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, 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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