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ETH/USD Forecast: Why $200-210 Is Crucial for Ether?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is showing positive signs after declining heavily against the US dollar and bitcoin. ETH/USD needs to stay above $200.00 in order to regain bullish bias.

Key Highlights

ETH/USD extended its decline and traded towards the $210.00 level, where it found support.
There are two key bearish trend lines with resistance near $260.00 forming on the 2-hour chart.
ETH/BTC is back above 0.100 BTC after a dip towards the 0.090 BTC support.

Technically, the 12-hour chart indicators are struggling to remain in the bullish territory.

Ether Price Recovery Resistances

In Yesterday’s analysis, we discussed that it won’t be easy for Ether to remain above $250.00 versus the US dollar if it fails to move back above $290.00.

Ether Price Technical Analysis Chart

The downside move accelerated during the past 2-3 sessions and ETH/USD broke the $250.00 and $230.00 support levels to trade towards $210.00. A new monthly low was formed at $211.00, from where the price started a recovery.

Yesterday, Ether’s price fell by roughly $50.00 to $211.00. However, Ether seemed to have recovered by quite a bit and the price traded 23.6 percent above the Fibonacci retracement level of the last drop from $325.00 to $211.00. There was even an attempt to settle above $250.00, but the price seems to be struggling to hold the momentum.

Once again ETH/USD is moving down with a bearish angle below $250.00. On the upside, there are two key bearish trend lines with resistance near $260.00 forming on the 2-hour chart.

If the price moves higher, these trend lines might prevent upsides above $250.00-260.00. On the downside, there is an important support near $210.00-200.00.

Ethereum ETH USD Forecast

Looking at the 12-hour chart of ETH/USD, the price was clearly rejected from $210.00. However, the last 4-5 candles are super bearish and pointing a sustained negative bias.

An improvement in the market sentiment is needed for Ether if ETH/USD has to regain the bullish traction above $260.00 and $290.00.

Important Resistance Levels

$250.00 and $260.00

Important Support Levels

$210.00 and $200.00

12 hours RSI

The RSI is hovering near the 50 level and struggling.

12 hours MACD

The MACD is extending slides in the bearish territory.

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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