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Ethereum Price Forecast: Ether Could Make Sustained Move Higher

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price could continue to climb higher against the US dollar and bitcoin. ETH/USD might surpass the $220.00 resistance zone in the near term.

Key Highlights

Ether’s price regained a bullish bias and traded above $215.00 against the US dollar.
ETH/USD retested the previous resistance area near $207.00 and bounced back.
ETH/BTC extended gains and traded above the 0.0325BTC and 0.0330BTC resistance levels.

Technically, the 6-hour chart indicators are rising higher in the bullish territory.

Ether Price Analysis

Yesterday, we discussed that ETH/USD could resume its upward move toward the $215.00 level. The pair found support near $207.00 and did move higher once again. The current market sentiment is positive and it seems like Ether may continue to rise toward the $218.29 high or $220.00.

ETH/BTC started a solid upward move after it broke the key 0.0320BTC resistance. The pair recently traded further higher and cleared the 0.0325BTC and 0.0330BTC resistance levels. The next major hurdle for buyers awaits at 0.0350BTC.

Ethereum Price Analysis ETH

Starting with the 6-hour chart of ETH/USD, the pair gained bullish momentum after it broke a major bearish trendline, with resistance at $203.00. It opened the doors for more gains and the price surpassed the $207.00-207.50 resistance zone.

The price traded as high as $218.29 and later corrected lower. It declined below $210.00, but the previous resistance near $207.00 acted as a solid support. Ether bounced back and traded above the $210.00 and $215.00 levels.

To the upside, an immediate resistance is near the $218.00 level, above which the price will most likely climb above the $220.00 resistance. The main hurdle for the current wave awaits near $225.00 (a major pivot region).

Ether Price Analysis ETH

Dropping down to the 30-minute chart of ETH/USD, the pair recently attempted to clear a resistance trendline at $216.40, but buyers failed to gain momentum. On the downside, an initial support is $213.00 and a bullish trendline.

Below the trendline, the next support is around $211.00 (the previous resistance). Largely, Ether’s price is trading in a bullish zone and could continue to move higher toward $220.00 or even $225.00.

Important Resistance Levels

$218.00 and $220.00

Important Support Levels

$211.00 and $207.00

6-hour RSI

The RSI is now well above the 50 level.

6-hour MACD

The MACD is gaining momentum in the bullish zone.

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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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.