Ethereum Forecast: Long but how long

Ethereum Forecast: Long but how long

Aayush Jindal analysis of Ethereum, while we believe likely correct, is nothing surprising.  Jindal notes “Ethereum price continued its upside streak against the US Dollar, and it looks like the ETH/USD pair may soon test the $90 level.” His supporting analysis is below. We will follow this up with highly lucid analysis which indicates an even great potential for Ethereum as well as Ethereum Classic.

Jindal’s summarised analysis is

  • Hourly MACD – The MACD is solid in the bullish zone.
  • Hourly RSI – The RSI is heading further higher in the overbought levels.
  • Major Support Level – $82.00
  • Major Resistance Level – $90.00

Ethereum Price Rockets Higher

In the weekly analysis, I mentioned that ETH price may continue to rally against the US Dollar above $75. The price did move higher, and broke a lot many resistances like $82 and $85 on the way up. It recently made a new high at $86.07 and looks unstoppable. First, there was a rise towards the $82 level where it found sellers and started a correction. It traded below the 23.6% Fib retracement level of the last wave from the $75.46 low to $82.59 high.

The downside move extended, as the price traded towards $79 where it found bids. It tested the 38.2% Fib retracement level of the last wave from the $75.46 low to $82.59 high. The correction completed, and the price moved back above $80 and $82. Later, it rocketed higher and traded above the $85 level. A new high was formed at $86.07, and it looks like the price may continue to trade towards $90.

On the downside, there are two bullish trend lines with support at $83.00 formed on the hourly chart of ETH/USD. So, if the pair declines from the current levels, it could find support at $83 or $82. Overall, it could test $90 in the near-term.

Original Article Found Here

Daniel Woo

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