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ETH/USD Forecast: Upside Capped Near $230.00-233.00

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether traded somewhat bearish against the US Dollar and Bitcoin. ETH/USD is clearly struggling to break the $230.00-233.00 resistance area.

Key Highlights

The ETH/USD pair struggled to break the $230.00-233.00 resistance, and corrected lower.
The pair broke a major bullish trend line at $225.00 on 2-hour chart.
ETH/BTC extended yesterday’s declines and moved below the 0.095BTC support.

Technically, the 2-hour chart indicators remain in the bullish territory, but presenting short-term bearish signs.

Can Ether Price Hold the Current Trend?

Range play remains intact in ETH/USD, as the pair keeps finding buyers on every attempt to test $200.00, while the upside remains capped by the $230.00-233.00 levels.

Ether Price Technical Analysis Chart

On the other hand, there was an increase in bearish pressure for ETH/BTC, resulting in further declines below the 0.095BTC support.

There is a trend line break visible on the 2-hour chart of ETH/USD at $225.00. However, there was no momentum whatsoever post the break, causing the trend to be invalidated.

The $200 support remained intact, and the pair is seen moving back and forth in a $20.00 narrow range over the last hours.

Moving on to the 6-hour chart of ETH/USD, the pair is nicely following an ascending channel with support at $210.00. This is another reason why the trend line break at $225.00 on the 2-hour chart can be ignored.

Ethereum ETH USD Forecast

Even if the pair breaks $210.00, there are other important supports like $205.00 and $180.00 on the downside to hold the current trend.

In the US, payrolls figure for May will be published, and the market is anticipating a strong employment growth. It would be interesting to see how ETH/USD reacts after the data is released, considering the current risk-on sentiment. If buyers get a reason to sell the greenback, we may witness a break above $230.00 later today.

Overall, the undertone for Ether is still positive, but it needs to gain momentum soon, else risk of further downsides may escalate.

Important Resistance Levels

$234.00 and $245.00

Important Support Levels

$215.00 and $210.00

2-hour RSI

The RSI is moving down from the 70 level towards 55-60.

2-hour MACD

The MACD is stable in the bullish zone, but slowly losing grip.

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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