Key Highlights
The ETH/USD pair extended its upside move, and traded to a new all-time at $231.26.
On the downside, the $200.00-205.00 area may act as a strong support if there is a correction going forward.
Ether outpaced Bitcoin, as ETH/BTC achieved a new milestone and traded above 0.102BTC

Technically, the hourly chart indicators remain elevated in the bullish territory.

Ether Price Heading Further Higher?

In yesterday’s post, we saw a decent bullish structure for ETH/USD, and possibilities of further gains above $216.00. The pair gained momentum, and was able to break yesterday’s high at $216.78, forming a new all-time high at $231.26.

Ether Price Technical Analysis Chart

The recent upside drift confirms the bullish structure in place for this week as long as the price stays above $200.00. Looking at the hourly chart, there is a cluster of bullish trend lines formed with supports at $220.00, $212.00 and $202.00.

All these trend lines are likely to play a major role in today’s price movements. Any dips from the current levels remain supported towards $210.00, which also coincides with the 50% Fibonacci retracement level of the last wave from the 184.00 low to $231.00 high.

On the upside, the recent high at $231.26 was already tested a few times by buyers, but there was no decisive break. Once the current correction ends, Ether may once again attempt a break and close above $231.00.

A successful close above $231.00 could take ETH/USD towards the next important technical resistance at $240.00.

Ethereum ETH USD Forecast

Looking at the 4-hour chart, there are two important trend lines. A bullish trend line at $205.00, and a connecting resistance trend line at $240.00-242.00. Once a break above $231.00 takes place, the pair may test the resistance trend line.

On the downside, there is a clear support at $200.00-205.00 (resistance turned support). Below $200.00, the market may turn short-term bearish.

To sum it up, the overall trend is super bullish with chances of yet another new high above $231.00 in the near term.

Important Resistance Levels

$231.00 and $240.00

Important Support Levels

$205.00 and $200.00

4-hour RSI

The RSI is moving north and may test the 70 level soon.

4-hour MACD

The MACD is gaining momentum in the bullish zone.
Disclaimer:
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.

Ether Technical Analysis

08-17-2017 ETH/USD Forecast: About to Explode?
06-01-2017 ETH/USD Forecast: At Standstill, But Trading Steady Near May Highs
05-31-2017 ETH/USD Forecast: Buyers To Keep Rally Going
05-30-2017 ETH/USD Forecast: About to Explode?
   

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