ETH/USD Forecast: Buyers To Keep Rally Going
|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.
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.
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.