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.
Disclaimer:
The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Ether Technical Analysis

08-17-2017 ETH/USD Forecast: About to Explode?
06-28-2017 ETH/USD Forecast: Is This a Real Bounce in Ether?
06-27-2017 ETH/USD Forecast: Why $200-210 Is Crucial for Ether?
06-26-2017 ETH/USD Forecast: Bearish Below $290
   

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