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Ether Price Analysis – ETH/USD Forecast: Ether Now Eyes $375

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Ether surged above $350.00 against the US Dollar and broke 0.080BTC versus Bitcoin. ETH/USD now eyes further gains towards the $375.00 level.

Technically, the hourly chart indicators have reached extreme overbought levels, calling for a correction.

Ether Price Poised for Further Upsides

Yesterday, ETH/USD faced a strong resistance near $345.00-350.00 and corrected lower. It tested the $335.00 support zone, completed a correction, and recently spiked above the $350.00 resistance.

Ether Price Analysis Chart

Similarly, the ETH/BTC pair gained bullish momentum and surpassed a major resistance zone near 0.080BTC. The overall market sentiment for Ether was boosted and its price extended gains.

The hourly chart of ETH/USD shows how the pair slowly moved towards $350.00, finally clearing a sell wall to trade for a new monthly high of $366.93.

Ether is now giving up some of its recent gains against the US Dollar and could trade back towards $360.00 or even $355.00. On the downside, there are two bullish trendlines positioned with support at $355.00 and $345.00.

An initial support is near the first trend line at $355.00 and the 38.2 percent Fibonacci retracement level of the last leg from the $335.51 low to $366.93 high. Below $355.00, there is a key support at $350.00.

The $350.00 support holds a lot of value since it is the 50 percent Fibonacci retracement level of the last leg from the $335.51 low to $366.93 high. The most important trend line support sits at $345.00 for the current uptrend.

Ethereum ETH/USD Forecast

Moving on to the 4-hour chart of ETH/USD, yesterday’s resistance trend line with a current hurdle at $365.00 is still active. It could result in another short-term correction towards $355.00-350.00 before the price attempts a run towards $375.00.

As of this writing, ETH/USD is up by more than 6% at $364.00, a break above $366.93 (recent high) would open the door to $$370.00 and finally $375.00. On the downside, the immediate support emerges at $355.00 followed by $350.00 (a previous resistance now support).

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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.

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Ether Price Analysis - ETH/USD Forecast: Ether Now Eyes $375
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