Key Highlights
Ether likely formed a short-term bottom at $175.00 against the US dollar and currently consolidating losses.
ETH/USD succeeded in avoiding a daily close below $200.00, which is a positive sign.
There was a slight recovery in ETH/BTC, as it moved above 0.085BTC.

Technically, the hourly chart indicators are pointing a recovery from the oversold readings.

Ether Price Upside Hurdles

Yesterday, we saw a major decline in Ether price versus both bitcoin and the US dollar, and discussed the importance of a daily close below $200.00 in ETH/USD.

Ether Price Technical Analysis Chart

The pair managed to avoid a daily close below $200.00, but the risk of more losses in the near term is far from over.

ETH/USD is flirting with the $200.00 handle and consolidating losses above $180.00. Looking at the hourly chart, the pair recently succeeded in breaking two bearish trendlines at $190.00, which is an early indicator of correction in the short term.

The price even traded above the 23.6 percent Fibonacci retracement level of the last drop from the $240.00 high to $174.08 low. It has opened the doors for more upsides today. However, there are many hurdles on the topside which can stop recovery.

To start with, the $210.00 level is an immediate resistance on the hourly chart. Above $210.00, there is a cluster of bearish trendlines on the 4-hour chart starting from $212.00 up to $240.00. These trendlines are crucial and may prevent buyers from taking control in the short term.

Ethereum ETH USD Forecast

The most important resistance sits at $250.00 (support turned resistance). We can consider it as a pivot for the current bearish trend.

The downside, however, remains supported by yesterday’s low near $175.00. Once again, today’s close is crucial. The pair must close above $200.00 and extend gains to decrease bearish pressures.

In the short term, we can see ranging moves between $190.00-215.00 before the pair attempts a break above $220.00. On the other hand, a failure to hold $180.00 might lead to heavy declines in ETH/USD.

Important Resistance Levels

$210.00 and $225.00

Important Support Levels

$180.00 and $175.00

4-Hour RSI

The RSI is recovering from the extreme oversold readings, and moving higher.

4-Hour MACD

The MACD is slowly steadying in the bearish zone.
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?
07-13-2017 ETH/USD Forecast: Upside Capped By $225
07-12-2017 ETH/USD Consolidating Losses Before Recovery?
07-11-2017 ETH/USD: Bearish Continuation or Bottom?
   

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