Key Highlights
Ether gained traction during the past few hours and traded above $225.00 against the US Dollar.
The ETH/USD pair broke a couple of key resistances such as $221.00 and $225.00 on the 30-min chart.
ETH/BTC extended its correction due to a sharp rise in Bitcoin price against most major cryptocurrencies.

Technically, the 30-min chart indicators are rising sharply in the bullish territory.

Ether Price Breaks Key Resistance

In yesterday’s analysis, we discussed how ETH/USD is approaching a crucial break. The pair was able to gain bids during the past few hours and after retesting the $220.00 support climbed higher sharply.

Ether Price Technical Analysis Chart

On the other hand, the ETH/BTC pair was down by more than more 10% towards 0.072BTC mostly due to increase in buying interest for Bitcoins.

Let’s start with the 30-min chart of ETH/USD that clearly shows a couple of key resistance breaks. Recently, the pair tested a major support area of $220.00 to fill buy orders and surged higher.

During the upside move, there was a break above two important bearish trend lines near $221.00. It cleared the path for more gains, and the pair was able to move past another crucial hurdle at $225.00.

The last three candles poin to a sharp increase in buyer’s strength, which could result in further upsides in the near term. The broken resistance at $225.00 may now act as a support.

Ethereum ETH/USD Forecast

Moving on to the 2-hour chart of ETH/USD, the pair seems to be attempting a close above a significant contracting triangle at $225.00. If there is an H2 close above $225.00, it would signal a major upside break.

The current candle is pretty bullish and most likely to close above $225.00. On the upside, the next resistance sits at $232.65 (August 2017 high), followed by the all-important $250.00.

To sum up, if the recent rise gains pace we can look for a run towards $240.00 and $250.00. On the downside, the $225.00 and $220.00 levels are decent supports in the short term.

Important Resistance Levels

$232.00 and $240.00

Important Support Levels

$225.00 and $220.00

30-min RSI

The RSI is now well above the 50 level and reaching overbought levels.

30-min MACD

The MACD is gaining momentum in the bullish slope.
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?
08-06-2017 ETH/USD Monthly Forecast: Bullish August For Ether
08-05-2017 ETH/USD Forecast: Ether Gaining Momentum
08-04-2017 ETH/USD Forecast: Crucial Break Ahead
   

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