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Ether Price Analysis
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ETH/USD Forecast: $180.00 is Reaction Level?





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. 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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