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ETH/USD Forecast: Recovery Faces Crucial Test

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is building up a bullish case against the US dollar and bitcoin. Having said that, ETH/USD has to overcome a major resistance at $205.00 to extend gains.

Key Highlights

ETH/USD is surging again, but approaching a crucial resistance near $200.00-205.00.
There is a major declining wedge pattern with resistance at $205.00 on the daily chart.
ETH/BTC is mostly neutral at 0.085BTC, considering a sharp recovery in Bitcoin price.

Technically, the 4-hour chart indicators have recovered well and approaching midlines.

Can Ether Price Make it?

The last 2-3 sessions were great for Ether as the price bounced back sharply after trading as low as $133.79 against the US dollar.

Ether Price Technical Analysis Chart

Starting with the 4-hour chart of ETH/USD, there was a break above a short-term bearish trend line at $170.00. The pair recently gained pace to trade above $180.00 and the last 8 candles clearly point to an improvement in the bullish sentiment.

The pair settled above the 23.6 percent Fibonacci retracement level of the last decline from the $318.00 high to $133.79 low which is another positive sign.

However, there is a crucial resistance near a long-term bearish trend line near $200.00 on the same chart. Considering the importance of $200.00 handle as a psychological level, a break above it won’t be easy.

In the weekly forecast, we analyzed a major declining wedge pattern with resistance at $205.00 on the daily chart. The pair bounced perfectly from the wedge support at $135.00-140.00 and is currently approaching its resistance.

Ethereum ETH USD Forecast

The wedge resistance near $200.00-205.00 is a significant barrier for further upsides in ETH/USD. The $200.00 resistance is also the 38.2 percent Fibonacci retracement level of the last decline from the $318.00 high to $133.79 low.

A successful daily close above the wedge resistance is needed for Ether buyers to remain in control. If there is a failure to move past $205.00, the price may resume its downward trend back towards $160.00-150.00.

The recent attack on highs near $190.00, coupled with the recent acceleration of ETH/USD rally has raised hopes of an upside break. Having said that, it won’t be easy and we can still see a pullback towards $175.00 or $160.00 in the near term. On the other hand, a close above $205.00 could take Ether’s price towards $240.00.

Important Resistance Levels

$200.00 and $205.00

Important Support Levels

$175.00 and $160.00

4-Hour RSI

The RSI is nearing the neutral level (50).

4-Hour MACD

The MACD has recovered well and entered into 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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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.