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ETH/USD Forecast: Ether Price Burst above $750

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether upside surge continues against the US dollar and bitcoin. ETH/USD moved above $750.00 and remains elevated for more gains.

Key Highlights

Ether made a sharp upside move and extended gains above $750.00 against the US dollar.
There is major support forming around $700.00 on the 30-minute chart of ETH/USD.
ETH/BTC also spiked higher and was able to move above the 0.0400BTC resistance.

Technically, the 2-hour chart indicators remain bullish despite overbought levels.

Ether's Bullish Trend is Here

The past few sessions were amazing for Ethereum supporters, as Ether’s price achieved yet another milestone by moving above the $750.00 level.

Ether Price Analysis Chart

Similarly, there were further upsides in ETH/BTC and the pair was able to move above the 0.0400BTC resistance. These are positive signs that suggest continuing gains in the near term.

Starting with the 30-minute chart of ETH/USD, there was a clear break above the $600.00 and $650.00 resistance levels. The pair moved sharply higher, and during the upside broke a contracting triangle with resistance at $700.00-710.00.

There was a solid upside move and the price traded toward the $750.00 mark. The current momentum is unstoppable and it seems like Ether will most likely continue moving higher during the coming sessions.

On the downside, an initial support is around the broken triangle at $700.00. Below $700.00, the lower triangle trendline at $680.00 could act as a strong support.

Ethereum Price ETH USD Forecast

Looking at the 2-hour chart of ETH/USD, the pair is in a major uptrend above the $700.00 level. Ether buyers are in full control, which means the current bullish trend will most likely extend above $800.00 in the near term.

There are a lot of bullish signs on both 2-hour and 30-minute charts of ETH/USD and therefore more upsides are possible as long as the price stays above $700.00.

Overall, both ETH/USD and ETH/BTC will accelerate further above $800.00 and 0.0450BTC respectively. In the short term, corrections should be limited below $700.00 and $650.00 in ETH/USD.

Important Support Levels

$700.00 and $680.00

Important Resistance Levels

$780.00 and $800.00

2-hour RSI

The RSI remains in the overbought zone with no signs of a major correction.

2-hour MACD

The MACD is showing solid signs of further gains.

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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