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Ether Price Analysis
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Ethereum Forecast: ETH/USD Bullish above $400





Ether is gaining pace against the US Dollar and bitcoin. ETH/USD is currently in a solid uptrend and traded to a new all-time high.

Key Highlights

Ether made a solid upside move and traded above the $400.00 resistance against the US Dollar.
There was a break above a major resistance at $385.00 on the 2-hour chart of ETH/USD.
ETH/BTC also moved higher and is approaching the 0.050BTC resistance.

Technically, the 2-hour chart indicators are reaching the overbought levels in the bullish territory.

Ether Price to Continue Higher

In the weekly forecast and the past few analyses, we discussed how ETH/USD is preparing for an upside move toward $380.00 and $400.00. The pair did move higher during the past two sessions and traded above the $400.00 level.

Ethereum Price ETH USD Forecast

More importantly, the ETH/BTC pair also gained momentum and was able to move above 0.0480BTC. It will most likely continue higher toward 0.050BTC in the near term.

Starting with the 2-hour chart of ETH/USD, the pair made a nice upside and broke a crucial connecting resistance trendline at $385.00. It cleared the path for more gains toward $400.00 and the pair traded above the $400.00 resistance.

The last 2-hour candle is very bullish and suggests that the recent upside break above $385.00 is not false. Therefore, Ether’s price will most likely continue moving higher above $400.00. The next stop could be a new all-time high above $420.00.

The same broken resistance trendline may now act as a support around $385.00 if the price corrects lower. Below $385.00, there is a bullish trendline with support at $372.00 on the same chart.

Ether Price Analysis Chart

Dropping down to the 30-minue chart of ETH/USD, there is a short-term bullish trendline with horizontal support is forming at $384.00. Therefore, it seems like there is a good support forming near $385.00-384.00.

Should ETH/USD correct lower towards the mentioned $385.00 support, buyers are likely to protect a downside break. On the upside, Ether could gain momentum above $400.00 towards $420.00 or even $440.00 during the coming sessions.

Important Resistance Levels

$420.00 and $425.00

Important Support Levels

$385.00 and $372.00

30-minute RSI

The RSI is currently near the overbought levels with no sign of a major correction.

30-minute MACD

The MACD is gaining strength in the bullish slope.

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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