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Ether Price Analysis
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ETH/USD Increasingly Bullish above $180.00 - 200.00





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. 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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