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Ether Price Analysis
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ETH/USD Forecast: Range Trading Persists





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. 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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