- Ethereum reacts tremendously well to the bullish pattern paving the way for gains targeting $200.
- The near-term hurdle at $160 has to come down to allow the buyers to focus on $200.
Ethereum is among the biggest single-digit gainers on Thursday following a breakout. The breakout emanated from an inverted head-and-shoulders pattern that formed after a short-lived recovery from the recent low at $132.08. Ether stepped above $150 and paced towards $160. However, a high formed at $156.27 stalled the momentum.
Meanwhile, the price is doddering at $154.44 with the immediate upside limited by the 50 SMA on the 4-hour chart. The Relative Strength Index displays a positive picture for Ethereum as it gradual scaled the levels heading into the overbought.
The Elliot Wave Oscillator is extending the bullish session that started two days ago. The cross above the mean line clearly shows a renewed interest in Ethereum. Investors and bull traders are finally regaining confidence in the cryptoasset. The bullish sentiment could set Ethereum on the path towards $200.
Consequently, the correction above the short term resistance at $160 will serve as a boost for the movement targeting $200.
ETH/USD 4-hour chart
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