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ETH/USD Forecast: About to Explode?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether exploded and gained heavily against the US Dollar and Bitcoin. ETH/USD is now looking to extend rally above the $200.00 level.

Key Highlights

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.

Ether Price Technical Analysis Chart

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.

Ethereum ETH USD Forecast

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.

Important Resistance Levels

$215.00 and $240.00

Important Support Levels

$200.00 and $180.00

2-hour RSI

The RSI is heading higher and positioned well above the 50 level.

2-hour MACD

The MACD is confirming a bullish extension.

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

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