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ETH/USD Forecast: At Standstill, But Trading Steady Near May Highs

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether was stable against the US Dollar above $210.00, but declined below 0.10BTC versus Bitcoin. Going forward, ETH/USD is likely to move past $233.00-235.00.

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.

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

ETHNews is commited to its Editorial Policy

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