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Ethereum Price Forecast: Ether Rallies, Breaks Key Resistance

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price staged a solid correction against the US dollar and bitcoin. ETH/USD could face sellers near the $215.00 resistance in the near term.

Key Highlights

Ether’s price found a strong buying interest and recovered above $190.00 and $200.00 against the US dollar.
ETH/USD surpassed a key bearish trendline with resistance at $180.00 on the 6-hour chart.
ETH/BTC also corrected higher and gained more than 10 percent to hit 0.0300BTC.

Technically, the 6-hour chart indicators are rising sharply toward midlines in the bearish territory.

Ether Price Analysis

There was no downside break below the last swing low at $167.73 in ETH/USD. The pair started a solid upward move, climbed more than 15%, and surpassed the $190.00 resistance area.

More importantly, there was a strong rise in ETH/BTC from lows, and the pair traded above the 0.0280BTC and 0.0300BTC resistance levels. The next important resistances are 0.0315BTC and 0.0320BTC.

Ether Price Analysis Chart

Starting with the 30-minute chart of ETH/USD, there was a strong buying sentiment developed above the $170.00 support. Ether buyers gained control and pushed the price above the $180.00 and $190.00 resistance levels.

There was also a break above the $200.00 level and it seems like the price may continue to rise toward the $210.00 and $215.00 levels. Should there be a downside correction, an initial support is near $192.00 and a bullish trendline on the same chart.

Below the trendline, the $185.00 level might once again hold losses in Ether. Moving up to the 6-hour chart of ETH/USD, the pair surpassed a key bearish trendline with resistance at $180.00. Additionally, there was a break above the 23.6 Fibonacci retracement level of the last major drop from the $302.26 high to $167.73 low.

Ethereum Price Analysis ETH

It cleared the path for buyers to gain bullish momentum above $190.00 and $200.00. The last three candles are extremely positive, which suggests more upsides toward $210.00. However, the pair could face a strong resistance near the $215.00 level (the previous support).

A successful break above the $215.00 resistance will most likely accelerate gains in Ether toward the $230.00 level and the 50 Fibonacci retracement level of the last major drop. Overall, the current price action is bullish in the short term as long as the price is above $185.00.

Important Resistance Levels

$215.00 and $230.00

Important Support Levels

$192.00 and $185.00

6-hour RSI

The RSI is moving higher toward the 45-50 zone.

6-hour MACD

The MACD has reduced most of its bearish slope.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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