Etereum Price Forecast: Ether Rallies, Breaks Key Resistance

13 September 2018 15:21

Key Points

Ether's price found a strong buying interest and recovered over $ 190.00 and $ 200.00 from the US dollar.

ETH / USD surpassed a bearish trendline key 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 increasing significantly towards the midline in the bearish territory.

Analysis of the prices of the ether

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

More importantly, there was a sharp increase in ETH / BTC from the lows and the pair traded above 0.0280BTC and 0.0300BTC levels of resistance. The subsequent significant resistances are 0.0315BTC and 0.0320BTC.

Starting from the 30-minute chart of the Eth / USD, there was a strong sentiment of purchase developed above the support of $ 170.00 . The ether buyers gained control and pushed the price above $ 180.00 and $ 190.00 resistance levels.

There was also a break above the $ 200.00 level and it appears that the price may continue to rise towards $ 210.00 and $ 215.00 levels. If there is a downward correction, initial support is close to $ 192.00 and a bullish trendline on the same chart.

Below the trendline, the $ 185.00 level could still contain losses in Ether. Turning to the 6-hour chart of Eth / USD, the pair has surpassed a key bearish trendline with resistance at $ 180.00. Furthermore, there was a break above the Fibonacci retracement level of 23.6 in the last major decline from $ 302.26 lower to $ 167.73 below.

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It opened the way for buyers to gain bullish momentum above $ 190.00 and $ 200.00. The last three candles are extremely positive, which suggests an increase of $ 210.00. However, the pair could face strong resistance near the $ 215.00 level (previous support).

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

Aayush spent over seven years as financial markets contributor and observer. He specialized in market strategies and technical analysis. It strives to provide entertaining and informative analyzes on the currency and commodity markets. He is a software engineer by profession and loves blogs.

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