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ETH/USD Increasingly Bullish above $180.00 - 200.00

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether moved past yet another milestone level against the US Dollar, as ETH/USD cleared $200.00. On the other hand, ETH/BTC registered minor declines.

Key Highlights

Finally, the ETH/USD pair was able to break an important resistance at $200.00.
The pair has formed a major support around $180.00, which may prevent declines if there is a correction.
Sharp increase in Bitcoin price pressured ETH/BTC, and the pair was down roughly 6%.

Technically, the 4-hour chart indicators are in overbought levels, but with no sign of a major dip.

Can Ether Price Retain Momentum?

We have been waiting for Ether price to at least test $200 against the US Dollar this week. It did make an upside move, and not only tested $200.00, but also settled above it.

Ether Price Analysis Chart

ETH/USD tested the 1.618 Fibonacci extension of the last drop from the $180.23 high to $136.18 low near $208 (recent new all-time high was $207.78).

The pair has already started a short-term correction from the $208.00 resistance, and tested the 23.6% Fibonacci retracement level of the last upside from the $181.38 low to $207.78 high.

There are two bullish trend lines positioned on the downside at $198.00 and $190.00 on the hourly chart. If there is an extension of the current correction, the pair may find support anywhere between $190.00 – 196.00.

However, the most significant support is at $180.00 – 182.00. The stated levels prevented upsides on many occasions and now may protect declines below $180.00.

The $180.00 level also coincided with the 38.2% Fibonacci retracement level of the last ride from the $136.81 low to $207.78 high, which adds to its value as a strong support.

Ethereum ETH USD Forecast

Looking at the 4-hour chart, ETH/USD is positioned well to extend the current bullish wave above $180.00. On the downside, there are two bullish trend lines which are close to $180.00.

Clearly, the medium-term picture is bullish, as the positive tone keeps improving. Corrections towards $180.00 are still seen as buying opportunities, and only below $175.00, the pair may turn short-term bearish and attempt an extension up to $155.00.

Important Resistance Levels

$208.00 and $220.00

Important Support Levels

$190.00 and $180.00

Hourly RSI

The RSI is comfortably placed above the 60 level.

Hourly MACD

The MACD is stable 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, 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

ETHNews is commited to its Editorial Policy

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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.