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ETH/USD Forecast: Ether Gaining Momentum Above $800

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is surging higher against the US dollar and bitcoin. ETH/USD is above $800.00 and ETH/BTC broke 0.0400BTC, which are great positive signs.

Key Highlights

Ether surged higher and broke the $750.00 and $800.00 resistance levels against the US dollar.
There is an ascending channel forming with current support at $810.00 on the 30-minute chart of ETH/USD.
ETH/BTC is back with a lot of strength above the 0.0400BTC resistance.

Technically, the 2-hour chart indicators have reached the overbought levels.

Ether’s Price Testing Crucial Support

Ether is building bullish momentum as ETH/USD succeeded in breaching an important resistance area at $750.00. The pair even moved above the $800.00 and $850.00 levels to trade to a new all-time high at $867.75.

More importantly, ETH/BTC gained traction and broke a key resistance at 0.0400BTC. It traded above the 0.0450BTC level and is poised for more gains in the near term.

Ether Price Analysis Chart

Let’s start with the 2-hour chart of ETH/USD, which suggests an important break above the $750.00 resistance. There were six back-to-back bullish candles from the $710.00 swing low. The pair traded as high as $867.75 before it formed a bearish overlapping candle.

The price has already corrected lower and moved below the 23.6 percent Fibonacci retracement level of the last wave from the $710.00 low to $867.75 high. However, the $800.00 level acted as a support and prevented further declines.

The next support is around the 50 percent Fibonacci retracement level of the last wave from the $710.00 low to $867.75 high at $788.00. Moving on to the 30-minute chart of ETH/USD, there is an ascending channel forming with current support at $810.00.

Ethereum Price ETH USD Forecast

Therefore, it seems like the $800.00-810.00 support region is very crucial for today’s trend. As long as Ether’s price is above the $800.00 support, it should continue to rise further in the near term.

The recent high at $867.00 could be tested again during the coming sessions. The next target could be $900.00, and a break above that will most likely accelerate the upside toward $1000.00. 

Important Resistance Levels

$867.00 and $900.00

Important Support Levels

$810.00 and $800.00

2-hour RSI

The RSI is now around the overbought levels.

2-hour MACD

The MACD is gaining heavy 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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