Ethereum Price Forecast: Ether Rallies, Breaks Key Resistance

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.

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.

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.