Key Highlights
The price of Ether soared higher and broke a key resistance area near $200.00-205.00 against the US dollar.
There was a clear break above a monster trend line resistance at $200.00 on the 6-hour chart.
ETH/BTC gained more than 10% and traded towards the 0.10BTC resistance

Technically, the 6-hour chart indicators are gaining momentum in the bullish territory.

Can Ether Price Retain Momentum?

Yesterday, we discussed the importance of a declining wedge pattern with resistance at $205.00 on the daily chart of ETH/USD. The pair was able to build on the past few sessions’ positive sentiment and was successful in breaking the $205.00 resistance.

Ethereum ETH USD Forecast

Looking at the 6-hour chart, there was a clear break above a monster trend line resistance at $200.00. It opened the doors for more gains towards $240.00.

The pair even succeeded in breaking the 50 percent Fibonacci retracement level of the last decline from the $318.00 high to $133.79 low, which is a strong bullish sign.

There was a spike after a break above $200.00 towards $250.00 where the price faced tough resistance. The $250.00 zone was a support earlier and is now preventing gains.

Moving on to the hourly chart of ETH/USD, there are many bullish trend lines forming with supports at $225.00, $215.00 and $205.00. As long as the pair is above these trend lines and $200.00, it remains bullish.

Ether Price Technical Analysis Chart

$225.00 is a key support since it is around the 23.6 percent Fibonacci retracement level of the last leg from the 133.79 low to $256.08 high.

ETH/USD is trading at its highest level this month, having pierced the $200.00 psychological barrier on an intraday basis. This indicates that Ether has moved into a bullish phase again.

To sum up, the recent break is encouraging and points to a sustained recovery in Ether’s price. Any dips from the current levels could be seen as a short-term correction as long as $200.00 is intact.

Important Resistance Levels

$245.00 and $255.00

Important Support Levels

$225.00 and $200.00

6-Hour RSI

The RSI is now moving nicely above the 50 level.

6-Hour MACD

The MACD has moved sharply into 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?
07-20-2017 ETH/USD Basing For Next Move?
07-19-2017 ETH/USD Forecast: Ether Rally Unravels
07-18-2017 ETH/USD Forecast: Recovery Faces Crucial Test
   

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