ETH/USD Forecast: Bullish Trend Support Intact
|The ETH/USD pair after trading to a new all-time high at $211.12 faced sellers and moved down.|
|Decline found support near an important bullish trend line at $165.00-170.00 on the 4-hour chart.|
|ETH/BTC is comparatively stable and consolidating above 0.075BTC.|
Technically, the hourly chart indicators are moving higher after declining below their mid-lines.
Ether Price to Resume Uptrend?
The ETH/USD pair attempted a move towards $225.00 recently, but was not able to hold the bullish momentum above $210.00.
As a result, there was a downside reaction, and the pair started a correction. The first important break was at $200.00, which sparked selling interest. The next was a close below the 50% Fibonacci retracement level of the last wave from the $181.38 low to $211.12 high.
However, the most significant support break was at $180.00. The stated level represents a crucial support, and may continue to play a major role for the current bullish trend. There is no daily close below $180.00 as of now, which is a positive sign.
The downside move found support near two important zones. First, the 50% Fibonacci retracement level of the last ride from the $136.81 low to $211.12 high.
The second, being key bullish trend line at $165.00 on the 4-hour chart. Ether sellers made two attempts to take down the highlighted trend line at $165.00-170.00, but failed.
ETH/USD is currently stable above $180.00, but faces many challenges on the upside. Looking at the hourly chart, the pair may once again struggle near $200.00.
At present, the pair is following a couple of connecting bullish trend lines with support at $185.00 and $178.00. As long as these are intact, there can be a test of $200.00.
It seems the current rally is running out of steam, and should the pair struggles to move above $200.00 later today, it may call for a short-term consolidation within the $170.00-200.00 range.