ETH/USD Forecast: Ether Knocking on $200.00's Door
|The ETH/USD pair completed a short-term consolidation and moved above the $180.00 resistance.|
|The pair broke a major pennant pattern formed on the 6-hour chart at $170.00 to gain momentum.|
|ETH/BTC is back above the 0.080BTC resistance, and may continue to move higher.|
Technically, the 2-hour chart indicators are once again heading higher in the bullish territory, signaling upsides.
Ether Price to Break $200.00 Soon?
In yesterday’s analysis, we saw a short-term consolidation in the ETH/USD pair, and highlighted a bearish trend line at $165.00 on the hourly chart.
The pair, after a minor dip, gained momentum and broke the $165.00 resistance to position itself for more upsides. It was then able to clear a monster resistance level at $180.00.
We tracked the mentioned resistance for two days, and now it seems as if ETH/USD is ready to the test $200.00 mark. A new all-time high is already formed at $186.11, which is a positive sign.
If buyers remain in control, the price may even spike above $200.00 to trade towards the 1.618 extension of the last drop from the $180.23 high to $136.18 low.
The 2-hour chart clearly highlights an upside break, and showcases how the price is following a few important bullish trend lines with support at $175.00, $160.00 and $150.00.
If the recent break above $180.00 holds true, Ether is about to knock on $200.00’s door. Another key sign can be seen on the 6-hour chart.
There was a pennant pattern with resistance at $170.00. The price is now comfortably placed above the stated resistance, and looks set for more gains.
The last few candles on both charts are positive, signaling further gains in Ether price towards $200.00. If there is a short correction or dip, the broken resistance at $180.00 may prevent declines. Below $180.00, the next major support on the downside is at $175.00.