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Ethereum Price Forecast: Ether Sellers Waiting On Sidelines

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is trading in a tight range against the US dollar but correcting lower versus bitcoin. ETH/USD may continue to consolidate before the next key break.

Key Highlights

Ether’s price is stuck in a range between $105.00 and $110.00 against the US dollar.
A crucial breakout pattern is formed with support at $106.50 on the 2-hour chart of ETH/USD.
ETH/BTC corrected lower and tested the 0.0310BTC support level.

Technically, the 2-hour chart indicators are still well below midlines in bearish territory.

Ether Price Analysis

There were only ranging moves in ETH/USD in the past three sessions above the $106.00 support level. The pair made a couple of attempts to gain strength above the $108.00 resistance, but it failed and corrected lower.

ETH/BTC failed to test the 0.0315BTC resistance level and corrected lower. It tested the 0.0310BTC support, and it seems like there could be a downside extension toward the 0.0308BTC support level.

Ethereum Price Analysis ETH

Looking at the 2-hour chart of ETH/USD, the pair seems to be following a significant bullish trendline, with current support near $106.50. Should Ether trade below the trendline and $105.00, the price could decline in the coming sessions.

The next key support is at $104.00, below which the price is likely to revisit the $101.05 low or the $100.00 support area. To the topside, there is a connecting bearish trendline in place, with resistance at $107.50.

Therefore, it seems like Ether’s price is forming a crucial breakout pattern, with support at $106.50 and resistance near $107.50. A successful break above $107.50 and follow-through above $108.20 will most likely trigger bullish moves in the near term.

Ether Price Analysis ETH

Moving down, there are no major breakout signs visible on the 30-minute chart of ETH/USD. There is a short-term bearish trendline formed, with resistance at $107.80. On the downside, the main supports are at $106.50 and $105.00.

Overall, it seems like Ether sellers are waiting on the sidelines for a break below the $106.50 and $105.00 support levels to gain momentum. If there is no downside, the price might slowly move higher toward $108.00 and $110.00.

Important Resistance Levels

$107.50 and $108.20

Important Support Levels

$106.50 and $105.00

2-hour RSI

The RSI is moving higher toward the 40 level.

2-hour MACD

The MACD is currently flat in the bearish 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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