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ETH/USD Breaks $100, Bullish Stance Persists

By

Aayush

Jindal

Guest AnalystETHNews.com

Ethereum believers have a reason to celebrate, as Ether price traded above $100.00 against the US Dollar and 0.060BTC versus the Bitcoin.

Key Highlights

The ETH/USD pair achieved an important milestone, and traded above the $100.00 level.
The pair is still trading with a bullish bias, showing no major sign of a pullback.
The ETH/BTC pair surged higher and was able to break a key hurdle at 0.060BTC.

Technically, the 2-hour chart indicators have reached overbought levels, but showing no sign of a correction.

Ether Price to Continue Higher?

In yesterday’s analysis, we discussed how the $100.00 target looks a real possibility in ETH/USD, considering the current trend. The pair gained momentum during the past two sessions, and surpassed the $89.20 high.

Ethereum ETH USD Forecast Chart

The best part was Ether price breaking an important milestone level at $100.00 (market average). A new all-time high was formed at $103.67 from where a short-term correction was initiated.

The ETH/BTC pair also enjoyed more than 10% gains, and was seen trading above 0.060BTC. The overall market sentiment for Ether is bullish, and there are chances of further upsides in the near term.

Looking at the 2-hour chart, there is a minor rejection scenario near $100.00, but it may not last long. On the downside, there is a bullish trend line formed with support at $95.00. It also represents the 23.6% Fibonacci retracement level of the last wave from the $81.00 low to $103.00 swing high.

However, the most important support is formed near $82.00-80.00. The stated levels may now act as a pivot zone, and can be considered as a strong barrier for a downside move.

Ether Price Technical Analysis Chart

When we move to the 6-hour chart, it looks like the ETH/USD pair has started a consolidation around the $100.00 level. An initial range support is found just above $95.00, and may play a major role in today’s price action.

There is also a major bullish trend line reaching $95.00, suggesting the importance of the mentioned level. Overall, there can be a minor dip in ETH/USD, but the $95.00 support level might hold losses in the short term, spurring an attempt to move towards $105.00.

Important Resistance Levels

$103.00 and $105.00

Important Support Levels

$95.00 and $92.00

6-hour RSI

The RSI is at 68, and may move towards 75 in the near term.

6-hour MACD

The MACD is moving nicely in the bullish zone.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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