1ΧΒΙΤ

Ether is preparing to surpass the $400.00 against the US Dollar, while sliding versus bitcoin. Overall, ETH/USD remains elevated for further gains.

Technically, the 2-hour chart indicators are showing minor signs of trend exhaustion.

Ether Price Supports Intact

There is a steady bullish trend forming for ETH/USD as the pair remains supported on the downside above $380.00. On the other hand, the ETH/BTC has been gaining offers and slowly moving towards the 0.080BTC support level.

The 2-hour chart of ETH/USD suggest a clear uptrend with two bullish trendlines at $390.00 and $384.00. The first bullish trendline recently held the downside near $390.00 and the 23.6 percent Fibonacci retracement level of the last wave from the $370.10 low to $395.41 high.

The second trendline is more significant considering it is formed during the $335.0 low and is positioned above the 50 percent Fibonacci retracement level of the last wave from the $370.10 low to $395.41 high.

On the upside, there is a connecting resistance trendline at $396.00. A successful close above that mark would result in a test of the all-important $400.00 level.

Ethereum ETH/USD Forecast

Moving up to the 6-hour chart of ETH/USD, the pair is approaching a crucial trend line resistance near $399.00-400.00. Therefore, Ether could face strong offers near $399.00,  which may likely push the price to make a fresh attempt at surpassing $400.00 hurdle.

On the other hand, weakness back below the $390.00 level is likely to find support near $384.00, which if broken might turn Ether’s price vulnerable to head back towards retesting $370.00.

Today’s NFP release in the US might impact ETH/USD, but the overall market sentiment continues to favor more gains with solid mid-term supports in place near $384.00 and $370.00.

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.

Source link



Follow us on Linkedin | Twitter | Facebook