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Ether rose to a new monthly high against the US Dollar and struggled slightly versus Bitcoin. ETH/USD is currently gaining momentum for a run towards $325.00.

Technically, the 2-hour chart indicators are rising sharply in the bullish territory.

Ether Price to Test $325?

In yesterday’s analysis, we discussed the chances of Ether’s price trading to a new monthly high against the US Dollar if it remains above the $295.00 support.

The price did gain bullish momentum and broke an important resistance at $306.00 to surpass this month’s previous high of $314.58. A new monthly high was formed at $318.17 before the price started a minor correction.

Looking at the 30-minute chart of ETH/USD, the pair after trading as high as $318.17, started a correction. It tested the 23.6 percent Fibonacci retracement level of the last leg from the $295.92 low to $318.17 high.

The pair found support near $312.00 in a connecting bullish trendline, and currently is moving back higher. If the recent dip is complete, the pair might soon break the $318.17 high and trade further higher.

On the downside, the bullish trendline at $313.00 is an immediate support. Having said that, the most important support sits at $305.00 (previous resistance now support). Furthermore, there is another bullish trend line positioned on the 30-minute chart at $305.00.

Ethereum ETH/USD Forecast

Moving to the 2-hour chart of ETH/USD, there was a clear break above $306.00 that has opened the gates for a move towards $325.00 and the 1.236 extension of the last dip from the $314.58 high to $278.72 low.

There is a crucial bullish trend line on the downside at $301.00 which would continue to play a significant role for further upsides in Ether’s price in the near term.

Overall, buyers remain in control and the chances of ETH/USD trading towards $325.00 are very high.

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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