Key Highlights
Upsides in ETH/USD were limited during the past two sessions, but the pair trades steady near May highs.
There is an important ascending channel pattern forming with support at $215.00-220.00 on the 4-hours chart.
ETH/BTC struggled above 0.102BTC and moved below the 0.10BTC support.

Technically, the hourly chart indicators are slowing correcting overbought readings.

Ether Price Bullish above $200.00

The ETH/USD pair saw little action overnight, remaining confined to the $220.00-230.00 range. There was a moderate advance above yesterday’s high ($231.26), but with limited gains (a new all-time high was formed at $233.34).

Ether Price Technical Analysis Chart

The hourly chart suggests a short-term consolidation above $220.00, and traders seem to be getting ready for the next move.

There is a contracting triangle forming with support near $222.00, and resistance at $234.00. Below $222.00, a major horizontal support exists at $218.00. However, the most important support is around a bullish trend line at $211.00 on the same chart.

Should there be a short-term correction, the pair is likely to hold the $220.00-212.00 support area. The $212.00 level also coincides with the 50% Fibonacci retracement level of the last wave from the 119.00 low to $233.00 high.

Ether buyers would need to push the price above $234.00 (triangle resistance) for a test of $240.00-245.00 mark. Looking at the 4-hour chart of ETH/USD, there is an important ascending channel pattern forming with support at $215.00-220.00.

Ethereum ETH USD Forecast

The channel holds the key for the current bullish trend. Furthermore, there are two horizontal supports on the downside at $210.00 and $175.00-180.00. These supports are crucial buy zones and are likely to prevent declines.

While ETH/USD outlook remains stable, the strong up-move over the past 2-3 days has improved the undertone considerably above $200.00.

That being said, Ether price has to register a break above $240.00-245.00 (a major technical extension and resistance) to indicate the next major bullish leg. In the short-term, the price may continue to slowly grind higher towards $240.00 with supports on the downside at $215.00 and $210.00.

Important Resistance Levels

$234.00 and $245.00

Important Support Levels

$215.00 and $210.00

Hourly RSI

The RSI is correcting overbought levels.

Hourly MACD

The MACD has slightly reduced the slope, and showing a minor decrease in bullish momentum.
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Ether Technical Analysis

Today ETH/USD Forecast: Ether Consolidating Losses
06-02-2017 ETH/USD Forecast: Upside Capped Near $230.00-233.00
06-01-2017 ETH/USD Forecast: At Standstill, But Trading Steady Near May Highs
05-31-2017 ETH/USD Forecast: Buyers To Keep Rally Going
   

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