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Ether Price Analysis
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ETH/USD Forecast: Upside Capped By $225





Ether recovered well during the past three sessions against the US dollar and bitcoin. ETH/USD now has to clear $225.00 for more upsides.

Key Highlights

Ether, after forming a short-term bottom at $175.00 against the US dollar, started correcting higher.
ETH/USD moved above $210.00, but the upside was capped by a bearish trendline on the 4-hour chart.
ETH/BTC continued to gain momentum and moved above the 0.088BTC level.

Technically, the 4-hour chart indicators recovered well from the oversold readings, but are still below their midlines.

Ether Price Facing Tough Challenge

In yesterday’s analysis, we discussed ranging moves between $190.00-215.00 before ETH/USD attempts to break $220.00.

Ethereum ETH/USD Forecast

The pair traded with a positive bias during the past three sessions and avoided yet another daily close below $200.00. It managed to go through the $210.00 resistance, but the upside was capped by a bearish trendline on the 4-hour chart.

That bearish trendline was pointed out in yesterday’s analysis, and capped gains near $225.00. There is another trendline positioned at $235.00, so even if buyers clear $225.00, the next one is waiting to contain upsides.

The most important hurdle above $235.00 sits at $250.00. The price is already pulling back from the $226.40 high and trading near $210.00.

Looking at the hourly chart of ETH/USD, there was a break below a bullish trendline at $218.00 and the 23.6 percent Fibonacci retracement level of the last wave from the $174.08 low to $226.40 high.

Ether Price Technical Analysis Chart

It seems like the pair is approaching an initial support at $200.00, which holds a lot of importance since it represents the 50 percent Fibonacci retracement level of the last wave from the $174.08 low to $226.40 high.

A break below $200.00 would expose Ether to further declines in the near term. The next major supports are $190.00 and $180.00.

To sum up, selling pressures below $225.00 will definitely be important at this point. We can continue to see more ranging moves above $200.00 before the next move, probably higher.

Important Resistance Levels

$225.00 and $240.00

Important Support Levels

$200.00 and $190.00

Hourly RSI

The RSI is now above the 50 level and stable.

Hourly MACD

The MACD is in the bullish zone, but with less momentum.

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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