Ethereum Price Forecast Remains On High Ground
Ethereum Price Forecast Remains On High Ground
Ether is gaining momentum against the US dollar. ETH/USD must stay above the $900.00-910.00 support to continue trading higher.Ether is rising, recently trading as high as $947.81 against the US dollar.There is an important support area forming near the $910.00 level on the 30-minute chart of ETH/USD.ETH/BTC tested the 0.0950BTC support and is currently consolidating above that level.
Technically, the 2-hour chart indicators remain elevated in the bullish territory.
Why $900 is Important for ETH/USD
There were further gains in ETH/USD as the pair succeeded in trading above the $900.00 resistance. It traded to a new monthly high at $947.81 and is currently positioned nicely above $900.00.
On the other hand, ETH/BTC continued trending lower and tested the 0.0950BTC support, as discussed in the last few analyses. The pair may consolidate in the short term before making the next move toward 0.0980BTC or even below 0.0940BTC.
Looking at the 30-minute chart of ETH/USD, the pair declined sharply from the $947.81 high. It tested below the 23.6 percent Fibonacci retracement level of the last wave from the $824.17 low to $947.81 high.
Moreover, two bullish trendlines on the same chart acted as a support around $910.00-915.00. The price is currently moving higher and is positioned nicely above $910.00.
Moving on to the 2-hour chart of ETH/USD, it seems that there is a bearish-leaning candle pattern forming since it overlapped the previous candle completely.
It's a short-term bearish signal, but fortunately, Ether’s price is holding the $900.00-910.00 support. If the price falls to stay above $900.00, then it could test a bullish trendline with support at $870.00 on the same chart.
The price faces a tough challenge at $950.00, but a close above $900.00 could push Ether toward $1,000.00. To sum up, ETH/USD is showing positive bias with supports at $910.00, $900.00, and $870.00 in the near term.
Ethereum Price Forecast Remains On High Ground
Reviewed by mir khaleq ali
on
February 16, 2018
Rating:
Reviewed by mir khaleq ali
on
February 16, 2018
Rating:
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