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ETH/USD Forecast: Range Trading Persists

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether remains range bound against the US Dollar, yet declined slightly versus Bitcoin. ETH/USD may continue to consolidate over the next few sessions.

Key Highlights

The ETH/USD pair did not move much despite soft NFP data in the US for May 2017.
The pair seems to be forming a decent range with resistance at $225.00, and support at $220.00 and $215.00.
ETH/BTC declined further by roughly 4%, and currently trading near 0.090BTC.

Technically, the 30-min chart indicators are signaling an extended range pattern with mild bullish setup.

Ether Price Holding Key Supports

Friday’s non-farm payroll report for May 2017 in the US eased investors’ expectations for a Federal Reserve rate hike in the upcoming policy decision this month. It was a positive signal for Ether buyers, and helped ETH/USD to hold key supports like $215.00.

Ether Price Technical Analysis Chart

The 30-min chart of ETH/USD suggests an extended range pattern. On the upside, the range resistance is at $255.00, protecting further gains.

There are two important supports - $220.00 and $215.00. The lower end of the range support at $215.00 is a crucial hurdle for sellers if they look to take down buyers in the near term.

The $215.00 support is close to the 50% Fibonacci retracement level of the last leg from $206.00 to $225.00, and therefore serving as a major support.

Looking into the 2-hour chart of ETH/USD, there is a crucial bullish trend line forming with support at $220.00. This week’s barrier rests at $233.00-234.00, and it seems like a contracting triangle pattern in making with breakout resistance at $234.00.

Ethereum ETH USD Forecast

If Ether sellers gain pace considering the recent loss in bullish momentum, there can be a downside break below the trend line for a move towards $200.00.

The current price action suggests ranging moves in ETH/USD, but declines in ETH/BTC is impacting the market sentiment for Ether. Possibly serving as the main reason for ETH/USD’s struggles to break past $234.00.

In view of this, there can be minor declines and range moves in Ether price, but the overall medium term trend will remain bullish as long as ETH/USD stays above $200.00.

Important Resistance Levels

$234.00 and $245.00

Important Support Levels

$215.00 and $210.00

30-min RSI

The RSI is well above the 50 level, and holding nicely.

30-min MACD

The MACD is steady and suggesting range trading.

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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