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ETH/USD Basing For Next Move?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether corrected its recent gains against the US dollar and bitcoin. ETH/USD is currently holding the $200.00 support, which is a positive sign.

Key Highlights

ETH/USD failed to hold the $225.00 support and moved towards $200.00.
A bullish trendline with support at $215.00 was broken on the 2-hour chart.
ETH/BTC failed to move above the 0.10BTC resistance and corrected towards 0.090BTC.

Technically, the 2-hour chart indicators are consolidating above their midlines in the bullish territory.

Ether Price to Bounce Again?

Ether has consolidated its gains against the US dollar, as the price had retreated down to the $200.00 mark on Thursday morning.

Ether Price Technical Analysis Chart

The ETH/USD pair failed to hold the $225.00 support area and the 23.6 percent Fibonacci retracement level of the last leg from the $133.79 low to $256.08 high. It prompted an extended correction and Ether’s price slipped below $200.00.

During the downside move, the pair broke a bullish trendline with support at $215.00 on the 2-hour chart. Later, the price recovered and is currently positioned well above the $200.00 support. There was a complete test of the 50 percent Fibonacci retracement level of the last leg from the $133.79 low to $256.08 high.

At the moment, the price is forming yet another breakout pattern on the 2-hour chart with resistance near a bearish trendline at $215.00. The trendline is also positioned around the 38.2 percent Fibonacci retracement level of the decline from the $256.08 high to $187.40 low.

On the downside, the $200.00 support holds the key. A close on either side ($215.00 or $200.00) could trigger the next move in ETH/USD.

Ethereum ETH USD Forecast

Moving on to the 6-hour chart of ETH/USD, the pair is placed well above the broken trendline at $190.00-195.00. On the upside, the recent rejection was from $250.00 (previous support now resistance).

To summarize, the price might consolidate above $200.00 for some time before attempting an upside break above $215.00 and $225.00 to retest $240.00. On the other hand, a daily close below $200.00 could again put Ether’s price back in the bearish zone.

Important Resistance Levels

$215.00 and $225.00

Important Support Levels

$200.00 and $190.00

2-Hour RSI

The RSI is just holding the 50 level.

2-Hour MACD

The MACD is currently flat, suggesting a short-term consolidation.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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