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