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ETH/USD Forecast: Ether Rally Unravels

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether rallied after forming a bottom against the US dollar and bitcoin. ETH/USD is currently positioned well to continue higher.

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.

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

ETHNews is commited to its Editorial Policy

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