Technically, the 4-hour chart indicators remain positioned in the overbought territory.
Can Ether Price Test $200.00?
Ether maintains its bullish market structure against both the US Dollar and Bitcoin. ETH/USD carved out higher highs, and hit a fresh new all-time high of $179.60 (market average, USD).
In the weekly forecast, we discussed the chances of Ether price reaching $150.00 if it settles above $132.00. It exceeded the expectation, as there was a solid rise towards $180.00.
Similarly, the ETH/BTC pair gained momentum, and was up by roughly 18% to 0.0780BTC. Strong support is now given at 0.075BTC and key support can be found at 0.070BTC.
When we look at the hourly chart of ETH/USD, the last three candles are pointing an important technical pattern. First, there was an inverted hammer pattern near $180.00, suggesting a very strong bearish/rejection signal.
The next candle overlapped, signaling market uncertainty and highlighting indecision. In my view, the $180.00 level is a major reaction zone.
The pair should quickly gather pace, trade towards $180.00 and attempt a break towards $200.00. If the next few candles fail to gain momentum, and ETH/USD slides back towards $160.00, it may signal a short-term top.
On the downside, there is a key support at $155.00-150.00. A break below it may push the price towards $125.00.
The 4-hour chart is still bullish with supports at $150.00 and $125.00. There are two trend lines positioned near $125.00, which may act as a strong support if the pair moves down.
To sum it up, the $180.00 level holds a lot of importance. ETH/USD may attempt a break, but if it fails, we can witness a correction of roughly 15-20%. On the other hand, a push above $180.00 might call for $200.00.