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ETH/USD Forecast: Consolidating Above $200

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is consolidating its recent gains versus the US Dollar, and facing sellers against Bitcoin. ETH/USD might range trade for some time before the next move.

Key Highlights

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.

Ether Price Technical Analysis Chart

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.

Ethereum ETH USD Forecast

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.

Important Resistance Levels

$230.00 and $250.00

Important Support Levels

$215.00 and $200.00

2-Hour RSI

The RSI is still above the 50 level.

2-Hour MACD

The MACD is mostly flat with a minor bearish slope.

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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