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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.

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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