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





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. 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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