Key Highlights
Resistance to a daily close below $200.00 prompted a bounce in ETH/USD above $225.00.
The pair needs to overcome strong offers between $230.00-250.00 to reach a new monthly high.
ETH/BTC was pressured due to a sharp rise in Bitcoin price, but later the pair recovered above 0.082BTC.

Technically, the 6-hour chart indicators are extending moves in the bullish territory.

Ether Price Uptrend Forming

Ether traded with a positive tone against the US dollar as there was no close below the major support of $200.00. On the other hand, the ETH/BTC pair dipped below 0.080BTC before recovering above 0.084BTC.

Ether Price Technical Analysis Chart

The hourly chart of ETH/USD clearly points a slow and steady rise from the $185.00 swing low. The pair is following a bullish trend line with current support at $225.00 on the same chart.

Recently, there was a break above a bearish trend line at $224.00, opening the doors for further upsides. However, the pair faces a major hurdle near $250.00 on the upside.

There were two failures already to breach $250.00. Therefore, it would be interesting to see whether Ether buyers gain enough momentum to break $250.00 this time around. It won’t be an easy task, but the current market sentiment suggests strong chances of more gains in Ether’s price.

On the downside, the trendline support near $225.00 might continue to prevent declines. If ETH/USD fails to hold $225.00, there can be a downside wave towards $215.00.

Ethereum ETH USD Forecast

Moving on to the 6-hour chart, there are many positive signs with back-to-back bullish candles from the $133.079 low. At the moment, the pair is facing a strong resistance area between $230.00 and $250.00.

Once the price overcomes the mentioned resistance area, there can be heavy gains in Ether across the board. On the downside, the $215.00 and $200.00 are key support levels.

Overall, a breach of the $250.00 resistance keeps the broader medium bias in play, targeting subsequent topside objectives at $275.00 and $320.00.

Important Resistance Levels

$240.00 and $250.00

Important Support Levels

$215.00 and $200.00

6-Hour RSI

The RSI is well above the 50 level.

6-Hour MACD

The MACD is moving nicely 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?
07-22-2017 ETH/USD Forecast: Consolidating Above $200
07-21-2017 ETH/USD Forecast: Buyers Have Reason to Cheer
07-20-2017 ETH/USD Basing For Next Move?
   

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