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ETH/USD Forecast: Buyers To Keep Rally Going

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether soared above $220.00 against the US Dollar, and 0.10BTC versus Bitcoin. More upsides are likely in ETH/USD towards $240.00-245.00.

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.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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