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Ethereum Forecast: Ether Price Uptrend Gained Momentum

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Ether is once again gaining upside momentum against the US dollar and bitcoin. ETH/USD is placed nicely above $1,200.00 and is eyeing further upsides.

Key Highlights

Ether formed a bottom near the $1,087.80 level and moved higher against the US dollar.

ETH/USD is currently attempting to settle above a major bearish trendline with resistance at $1,220.00 on the 2-hour chart.

ETH/BTC is back above the 0.0900BTC level and is currently showing a lot of positive signs.

Technically, the 2-hour chart indicators are moving higher in the bullish territory.

ETH/USD to Break $1,300?

After a major downside correction, ETH/USD found support just below the $1,100.00 level. The pair traded as low as $1,087.80 before starting a fresh upside wave.

Ethereum Price ETH/USD Forecast

ETH/BTC also completed a short-term correction and is currently trading above 0.0900BTC. It could continue to rise toward the significant 0.1000BTC resistance.

Looking at the 2-hour chart of ETH/USD, there is a key bottom in place at $1,087.80. The pair started an upside move and traded above the 23.6 percent Fibonacci retracement level of the last drop from the $1,383.50 high to $1,087.80 low.

The upside move was strong as the pair was able to surpass the $1,200.00 level. At the moment, it is attempting to settle above a major bearish trendline with resistance at $1,220.00.

Should there be a 2-hour close above $1,220.00, Ether’s price could accelerate toward $1,300.00. An intermediate resistance is around $1,240.00 and the 50 percent Fibonacci retracement level of the last drop from the $1,383.50 high to $1,087.80 low.

Ether Price Analysis Chart

Above $1,300.00, the price will most likely accelerate toward the last swing high of $1,383.50. Moving down to the 30-minute chart of ETH/USD, the pair recently broke a short-term bearish trendline at $1,210.00.

On the downside, there is a connecting bullish trendline with support at $1,210.00 on the same chart. Below $1,210.00, the price could struggle to remain in the positive zone. A successful break of $1,210.00 would push Ether back toward $1,140.00.

Important Resistance Levels

$1,240.00 and $1,300.00

Important Support Levels

$1,210.00 and $1,140.00

2-Hour RSI

The RSI is heading higher toward the 65 level.

2-Hour MACD

The MACD is gaining momentum in the bullish zone.

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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