ETH/USD Forecast: Buyers Have Reason to Cheer
|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.
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.
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.