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Ethereum Forecast: ETH/USD Bullish above $400

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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

ETHNews is commited to its Editorial Policy

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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.