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ETH/USD Forecast: Ether Trades In Wedge





Ether pared previous day’s gains against the US dollar and bitcoin. ETH/USD is currently following a major wedge pattern which may dictate the next move.

Key Highlights

Ether has formed a major descending wedge with support at $200.00-195.00 against the US dollar on the 2-hour chart.
The 4-hour chart of ETH/USD points a crucial bearish trendline with current resistance at $218.00.
ETH/BTC corrected 2 percent but remained above the 0.085BTC support zone.

Technically, the 6-hour chart indicators are struggling to gain bullish momentum, suggesting caution.

Why Ether Price Failed Near $225.00?

Yesterday, we saw how ETH/USD’s upside move was capped by $225.00. The pair struggled after creating a minor top at $226.40 and traded lower.

Ether Price Technical Analysis Chart

Looking at the 2-hour chart, there is a major descending wedge with support at $200.00-195.00 formed. The recent rejection at $225.00 was near the wedge trendline resistance.

At the moment, the pair is trading near the wedge support at $200.00. Considering the price action, it seems like the pair is in an indecision phase. The last 4-5 candles on the 2-hour chart are improper and suggesting neutral bias.

If ETH/USD fails to move below the wedge support, a move towards $220.00 is the most likely scenario. However, a breakout above the wedge resistance at $220.00 would risk stronger upside towards $250.00.

Ethereum ETH/USD Forecast

Moving on to the 6-hour chart, there are a few important points to note:

  • There is a crucial bearish trendline with current resistance at $218.00, capping the upside move.
  • The same trendline stopped the last wave near $225.00.
  • The $225.00 level acted as a support turned resistance and prevented gains.
  • On the downside, there is a monthly support formed at $175.00.

It seems like the pair is in a 3-wave pattern and the first leg was from $174.08 to $226.40. The pair is currently in the second leg from $226.40 to $193.01, which is about to complete.

The final third leg could decide the next move in ETH/USD, depending on whether buyers can contain losses below $200.00.

In the short term, the momentum is clearly negative, but it has again come down a daily close below $200.00. The next 4-5 sessions could end indecision.

Important Resistance Levels

$220.00 and $225.00

Important Support Levels

$200.00 and $190.00

2-hour RSI

The RSI is well below the 50 level and suggesting weakness.

2-hour MACD

The MACD is slowly moving in the bullish zone.

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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