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ETH/USD Forecast: $180.00 is Reaction Level?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether extended gains above $150.00 against the US Dollar, and towards 0.080BTC vs Bitcoin. ETH/USD may head towards $200.00.

Key Highlights

The ETH/USD pair reached yet another milestone, as it crossed $150.00.
Looking at the hourly chart, there is a substantial resistance forming near $180.00.
With more than 15% gains, ETH/BTC also registered a solid increase towards 0.078BTC.

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).

Ether Price Analysis Chart

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.

Ethereum ETH USD Forecast

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.

Important Resistance Levels

$180.00 and $200.00

Important Support Levels

$155.00 and $150.00

Hourly RSI

The RSI is exhausted, and showing signs of changing direction.

Hourly MACD

The MACD is pointing mixed signals.

Aayush Jindal

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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