Key Highlights
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.

Ethereum ETH/USD Forecast

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.

Ether Price Technical Analysis Chart

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.

Important Resistance Levels

$225.00 and $240.00

Important Support Levels

$210.00 and $200.00

2-Hour RSI

The RSI climbed towards 65 and currently retreating from highs.

2-Hour MACD

The MACD is now placed well 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?
08-02-2017 ETH/USD Forecast: Strong Bullish Pressures
08-01-2017 ETH/USD Forecast: Ether Breaks Key Resistance
07-31-2017 ETH/USD Forecast: Stuck Below $210
   

Subscribe to our Newsletter

* indicates required
Email Address *
First Name
Last Name
Country
News Categories of Interest