ETH/USD Forecast: Consolidating Above $200
|Ether failed to trade above the $230.00 resistance and started range trading against the US Dollar.|
|The ETH/USD pair is forming a range pattern with resistances near $230.00 and $250.00.|
|ETH/BTC remains under pressure and struggling to hold the 0.080BTC support area.|
Technically, the 2-hour chart indicators are mostly flat suggesting a consolidation.
Ether Price Range Resistance and Support
Ether broadly remained in a narrow range against the US Dollar with resistance levels near $230.00 and $250.00. On the other hand, there was a slight rise in bearish pressure versus Bitcoin, as ETH/BTC is struggling to gain momentum and just holding 0.080BTC.
Looking at the 2-hour chart of ETH/USD, there is a range pattern forming. On the upside, there is a clear resistance band near $230.00 and $250.00. On the downside, an initial support is a bullish trend line resting at $215.00.
Below $215.00, the range support sits at $200.00. Bearish pressure may increase on a close below $200.00, and sellers could target the 50 percent Fibonacci retracement level of the last leg from the $133.79 low to $256.08 high.
The current market sentiment and indicators’ position on the 2-hour chart suggest a bullish bias in the short term. Moving on to the 12-hour chart of ETH/USD, the last trend line break was important and signaling more gains above $220.00 in the near term.
There is a new connecting bearish trend line forming with resistance at $228.00. A close $228.00 might lift the market sentiment further in favor of Ether buyers.
The recent upside surge in Bitcoin price increased pressure on ETH/BTC, resulting in ETH/USD buyers losing momentum.
The upcoming days could be crucial for Ether and there can be high volatile moves in both ETH/USD and ETH/BTC. To sum up, we might continue to see ranging moves before Ether’s price make the next move towards $250.00 or higher.