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Ethereum Forecast: ETH/USD Breaks Key Resistance

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is sighting more upsides against the US dollar and bitcoin. ETH/USD surpassed the $318.00 resistance, which is a positive sign.

Key Highlights

Ether broke the $318.00 and $325.00 resistance levels against the US dollar.
There was a break above a major contracting triangle with resistance at $316.00 on the 2-hour chart of ETH/USD.
ETH/BTC is moving higher and buyers succeeded in breaking the 0.050BTC resistance.

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

Ether Price to Move Higher?

Yesterday, we discussed a few important resistance levels such as $316.00, $318.00, and $325.00. ETH/USD was successful in breaking the mentioned levels and attempted a run toward $340.00.

Ethereum Price ETH/USD Forecast

ETH/BTC also gained traction and was able to move back above 0.050BTC. The overall market sentiment is positive for Ether, but ETH/USD needs to hold the current momentum.

Starting with the 2-hour chart of ETH/USD, there was a clear break above a major contracting triangle with resistance at $316.00. The pair even broke the $325.00 level and traded as high as $337.00.

However, there was a sharp rejection from $337.00 and the candle formed is pointing to a key bearish scenario. On the downside, there are two bullish trendlines with supports at $320.00 and $312.00. The mentioned $312.00 support is near the 50 percent Fibonacci retracement level of the last wave from the $289.73 low to $337.00 high.

Ether’s price has to stay above the $312.00 support to invalidate the bearish candle pattern. Should Ether fail to stay above $312.00, it would call for a change in the short-term bias to bearish.

Ether Price Analysis Chart

Dropping down to the 30-minute chart of ETH/USD, the pair seems to be retreating from the $320.00 support. On the upside, an initial resistance is near $330.00, followed by the recent high at $337.00.

Technically, the short-term picture for Ether is bullish, as in the 2-hour chart, as indicators are maintaining their solid bullish slopes despite the recent decline toward $320.00. Having said that, the price has to stay above $312.00 to remain in the positive zone.

Important Resistance Levels

$330.00 and $337.00

Important Support Levels

$320.00 and $312.00

2-hour RSI

The RSI is around 60 and heading north.

2-hour MACD

The MACD is moving 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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