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ETH/USD Forecast: Ether Preparing for Next Move

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is targeting further gains against the US dollar and bitcoin. ETH/USD is slowly moving higher and is preparing for the next break.

Key Highlights

Ether is preparing for the next move, hoping to challenge the $750.00 mark against the USD.
There is an ascending channel forming with support at $740.00 on the 30-minute chart of ETH/USD.
ETH/BTC is moving higher towards the all-important 0.0500BTC resistance.

Technically, the 30-minute chart indicators remain well supported in the bullish territory.

ETH/USD Eyes Further Gains

The market sentiment is positive for Ether as the price slowly moved higher toward the $770.00 level. However, ETH/USD struggled to move above $765.00 and started a downside correction.

Similarly, ETH/BTC is gaining bullish momentum from the 0.0450BTC support and is moving higher toward the all-important 0.0500BTC resistance.

Ether Price Analysis Chart

Starting with the 30-minute chart of ETH/USD, there is a rising channel forming with support at $740.00. However, the range support and an important barrier for sellers is at $730.00. The pair is slowly moving higher and the recent failure was around the channel resistance at $765.55.

The pair might trade a few points lower toward $730.00 or $720.00, but it remains supported and losses could be limited. Moving up to the 2-hour chart of ETH/USD, there is a clear bullish trend forming above $700.00. However, it seems like Ether buyers are struggling to gain momentum above $750.00 and $760.00.

There is a bullish trendline forming with current support around $740.00 and $730.00. On the upside, a successful close above $760.00 and $775.00 could be a great bullish signal for further upsides.

Ethereum Price ETH USD Forecast

On the other hand, should Ether’s price fail to remain above the $730.00 level and there is a 2-hour close below $730.00, then there could be more losses toward $700.00.

The short-term bias is bearish since there can be a downside correction, but ETH/USD has to gain momentum above $760.00 to remain in the bullish zone for a push above $800.00 in the near term.

Important Resistance Levels

$760.00 and $775.00

Important Support Levels

$730.00 and $700.00

2-hour RSI

The RSI is currently around the 50 level in the bullish zone.

2-hour MACD

The MACD has mostly reduced its bullish slope, but there is no bearish sign.

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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