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Ethereum Price Forecast: Ether Extends Consolidation

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether was not able to make an upward move against the US dollar an bitcoin. ETH/USD is currently consolidating below a key resistance at $875.00-880.00.

Key Highlights

Ether continued to trade in a range below the $875.00 resistance against the US dollar.
There is a crucial contracting triangle forming with support near $850.00 on the 6-hour chart ETH/USD.
ETH/BTC broke an important support at 0.0800BTC which is a short-term bearish sign.

Technically, the 2-hour chart indicators are showing a few negative signs in the bearish zone.

Can ETH/USD Make it?

There was an extension of this week’s consolidation pattern as ETH/USD continued to trade in a range below the $875.00 and $880.00 resistance levels.

On the other hand, ETH/BTC declined and broke an important support at 0.0800BTC. It could push the pair lower toward the next support at 0.0760BTC.

Ethereum Price ETH/USD Forecast

Looking at the 6-hour chart of ETH/USD, the pair seems to be consolidating above the $850.00 support level. More importantly, there is a crucial contracting triangle forming with support near $850.00. On the upside, the current resistance is around $865.00.

The current price action suggests that the price is struggling to move above the triangle resistance trendline. Therefore, the triangle support near $850.00 is a risk. Should there be a break below $850.00, the price could decline toward the $820.00 level.

On the flip side, a break and close above the triangle resistance would clear the path for Ether buyers, with the next barriers seen at $900.00-910.00.

Ether Price Chart Analysis

The 2-hour chart of ETH/USD also suggests a similar picture. Looking at the wave structure, the price is currently in the fourth wave from the $811.22 low. It means that if the price succeeds in holding the $850.00-860.00 support, the final fifth wave could end above the $875.00 resistance level.

Fresh bullish acceleration through initial resistances at $875.00-880.00 could extend toward the next target at $910.00. Conversely, a firm break and close below $850.00 is needed to validate reversal signal and open way for $800.00.

6-hour MACD

The MACD is slowly moving into the bearish zone.

6-hour RSI

The RSI is currently around the 45 level.

Important Support Levels

$860.00 and $850.00

Important Resistance Levels

$875.00 and $900.00

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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