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ETH/USD Forecast: Bullish Within Range

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether struggles to extend gains versus the US dollar and bitcoin. ETH/USD is currently trading in a $20.00 range and waiting for a catalyst for the next move.

Key Highlights

Ether buyers fight hard to regain $235.00 barrier against the US dollar, but in vain, as sellers are keeping gains limited.
There is a clear range visible on the 2-hour chart of ETH/USD with supports at $220.00 and $212.00.
ETH/BTC is steady around 0.082BTC and eyeing further upsides in the short term.

Technically, the 2-hour chart indicators are flat, suggesting a substantial consolidation.

Ether Price Upside Remains Capped

The ETH/USD pair recovery could not gain extra traction during the past three sessions and it mostly traded within a tiny range of $20.00.

Ethereum ETH/USD Forecast

Looking at the 2-hour chart, there is a clear range pattern forming with supports at $220.00 and $212.00. On the upside, the range resistance is near $235.00-236.00. It protected upside breaks on many occasions recently as buyers fought hard to take the price towards $250.00.

Only a convincing 2-hour close above $235.00 could lead to gains towards $250.00 and $260.00. Furthermore, a break and close above the 61.8 percent Fibonacci retracement level of the last decline from the $256.08 high to $187.40 low is needed to lift the market sentiment.

Dropping down to the 30-min chart of ETH/USD, there is a bearish trendline forming with resistance at $230.00. To the downside, there is a connecting support trendline positioned near $222.00.

Ether Price Technical Analysis Chart

It seems like the price is currently declining within range and leaning towards $220.00. The pair still lies in a bullish momentum. Hourly support is given at $222.00. Stronger support is located at $220.00.

To the upside, the 50 percent Fibonacci retracement level of the last decline from the $235.29 high to $219.72 at $228.00 is a short-term resistance. Above $228.00 and trendline resistance, the all-important $235.00 barrier might come into play.

In the short term, ETH/USD could continue to range trade before grabbing enough bids for a strong rise towards $250.00.

Important Resistance Levels

$230.00 and $235.00

Important Support Levels

$220.00 and $215.00

2-hour RSI

The RSI is currently below the 50 level, but with no proper direction.

2-hour MACD

The MACD is almost flat, suggesting consolidation.

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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