ETH/USD Forecast: Ether Breaks Key Resistance
|Ether gained traction and broke a key resistance at $210.00 against the US dollar.|
|There was a clear break above a crucial bearish trendline at $200.00 on the 6-hour chart of ETH/USD.|
|ETH/BTC also soared higher and moved above the 0.075BTC resistance.|
Technically, the 2-hour chart indicators have resumed their advances in the bullish territory.
Ether Price Next Hurdle?
In yesterday’s analysis, we noticed two important resistances for ETH/USD at $200.00 and $210.00. The pair was able to hold the $190.00 support area and gained traction for an upside move.
There was a sharp upside move, taking Ether’s price above the all-important $210.00 resistance. Looking at the 6-hour chart of ETH/USD, there was a clear break above a crucial bearish trendline at $200.00.
Buyers also succeeded in pushing the pair above the 38.2 percent Fibonacci retracement level of the last decline from the $256.08 high to $177.99 low.
These are positive signs and suggest that Ether might continue to move higher. The recent high was $224.35 where strong offers prevented further gains. The $225.00 zone is a major hurdle since it acted as a support earlier and coincides with the 50 percent Fibonacci retracement level of the last decline, which was from the $256.08 high to $177.99 low.
The pair started correcting lower after testing $225.00, and moved towards the 23.6 percent Fibonacci retracement level of the recent rise from the $177.99 low to $224.35 high.
There is a bullish trendline forming with support near $210.00 on the 2-hour chart. The previous resistance which now turned support at $210.00 might act as a strong buy zone in the near term.
From a price action point of view, the ETH/USD pair is clearly bullish, with the 2-hour chart showing that the price is well above bullish moving averages. Above $225.00, the pair can extend up to $240.00. An immediate support sits at $210.00, followed by the $200.00 handle.