News Ether Price Analysis - ETH/USD Forecast: $400 in the...

Ether Price Analysis – ETH/USD Forecast: $400 in the Cards?

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Ether succeeded in building bullish momentum against the US Dollar and Bitcoin. ETH/USD is now set for a test of the all-important $400.00 barrier.

Technically, the 2-hour chart indicators are retreating from extreme overbought levels.

Ether Price Forming Strong Bullish Trend

ETH/USD is building on overnight bullish momentum as the pair posted yet another monthly high of $390.75. The ETH/BTC pair followed Ether’s bullish trajectory and traded towards 0.085BTC before retreating a few points.

Ether Price Analysis Chart

The 2-hour chart of ETH/USD clearly points to a strong bullish trend with back to back 11 bullish candles. The pair traded as high as $390.75 before forming a short-term top.

It now seems like the pair has started correcting lower, with an initial support around the 23.6 percent Fibonacci retracement level of the last wave from the $335.51 low to $390.75 high.

There is strong support forming near $365.00, with the help of a bullish trendline and a broken resistance trendline. Below $365.00, the 50 percent Fibonacci retracement level of the last wave from the $335.51 low to $390.75 high sits at $362.00.

Therefore, any major downside in ETH/USD seems limited short-term, as in the 2-hour chart, the pair is holding a bullish 21 SMA. Moving on to the 6-hour chart of ETH/USD, the pair clearly gained solid momentum once it broke the $350.00 resistance.

Ethereum ETH/USD Forecast

The mentioned $350.00 is now a strong support along with a bullish trendline on the same chart, which if broken, could make Ether susceptible to a drop to towards another bullish trendline near $325.00.

To sum up, ETH/USD remains in an uptrend above $250.00. A rise above the recent swing high of $390.75 should now assist the pair surpass the key $400.00 psychological mark and head towards testing the all-time near $414.00.

Disclaimer:

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.

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Ether Price Analysis - ETH/USD Forecast: $400 in the Cards?
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