ETH/USD Forecast: About to Explode?
|An increase in buying interest pushed the ETH/USD pair above the $180.00 resistance.|
|A new all-time high formed at $216.78 with an hourly close above the $200.00 handle.|
|ETH/BTC gained traction and was able to break 0.080BTC and 0.090BTC resistances.|
Technically, the 2-hour chart indicators are extending moves in the bullish territory, but yet to reach oversold readings.
Ether Price Remains Supported on Dips
Yesterday, we discussed how the ongoing ETH/USD recovery was positive with chances of more gains once the pair breaks the crucial $180.00 resistance.
The pair made a nice upside move intraday, clearing a few important barriers like $180.00 and $200.00. A new all-time high formed at $216.78 with signs of more spikes in the near term.
The 2-hour chart of ETH/USD suggests a strong bullish trend, especially considering an hourly close above the $180.00 resistance. It seems like the pair is looking for a test of the 1.236 extension of the last drop from the $211.12 high to $115.81 low.
At the moment, the pair is finding it hard to retain strength above $210.00, which might ignite a short-term correction towards $200.00-205.00. The $200.00 area is near the 23.6% Fibonacci retracement level of the last wave from the $178.00 low to $216.00 high.
If the pair fails to hold the $200.00 support, it may spark an extended correction towards a bullish trend line at $178.00-180.00.
Looking at the 6-hour chart of ETH/USD, there are three important supports to watch out. First, the $175.00-180.00 zone, which was a resistance earlier, and now may provide support. Second, the $148.00-150.00 zone, and the last one is at $125.00.
These supports can be considered as significant for the current bullish trend. In the nearest future, the short-term correction towards $200.00 remains supportive.
On the upside, further gains above $216.00 are very likely. Above $220.00, Ether price might attempt a run towards a major technical level at $240.00.