1ΧΒΙΤ

ETH/USD continued to forge ahead towards $345.00. In contrast, Ether consolidated versus Bitcoin and currently holding 0.075BTC support.

Technically, the 4-hour chart indicators are gaining pace above their midlines in the bullish territory.

Ether Price to Form Fresh Highs?

The ETH/USD pair is slowly grinding higher towards this week’s high of $345.24. A break above the short-term pivot of $325.00 has cleared all hurdles for further upsides in the near term.

On the other hand, there was no respite for ETH/BTC buyers. The pair continued to trade in a range above the 0.075BTC support. Both heavyweights, Ether and Bitcoin, gained during the past two sessions, sidelining upsides in ETH/BTC.

Looking at the hourly chart of ETH/USD, there is a key bullish trendline forming with support at $325.00. On the upside, there are two connecting resistance trendlines at $345.00 and $350.00.

The pair recently tested the first resistance trendline and retreated. Therefore, there is a chance that the $325.00 mark would be tested before the next move.

If buyers fail to protect the $325.00 support, there can be additional slides towards $320.00. However, the price action suggests continuation of the current bullish trend with a close above the 76.4 percent Fibonacci retracement level of the last decline from the $345.24 high to $293.11 low.

Moving on to the 6-hour chart of ETH/USD, the pair seems to be gaining momentum towards $345.00. There are two bullish trendlines forming with a strong support near $300.00-305.00.

Ethereum ETH/USD Forecast

An immediate support on the 6-hour chart rests at $320.00 (short-term pivot). Below $320.00, the trendlines support at $300.00 would act as a strong buy zone.

Overall, ETH/USD remains firmly bullish and presents downticks as buying opportunity for extension of the medium-term uptrend towards targets at $345.00 (recent high) and $360.00.

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