ETH/USD Forecast: Buyers Losing Grip?
|Ether failed to remain above the $220.00 support against the US dollar and traded lower.|
|ETH/USD broke two bullish trendlines at $230.00 and $225.00 on the 2-hour chart.|
|ETH/BTC is again testing 0.080BTC and attempting a downside break.|
Technically, the 2-hour chart indicators are slowing, gaining bearish momentum.
Ether Price to Retest $200.00?
There was a slight increase in the bearish pressure on Ether which pushed the ETH/USD and ETH/BTC pairs lower towards $210.00 and 0.080BTC respectively.
During the downside move, the ETH/USD pair broke two bullish trend lines at $230.00 and $225.00 on the 2-hour chart. The pair also moved below the 23.6 percent Fibonacci retracement level of the last wave from the $185.84 low to $236.63 high.
At the moment, the pair is trading near the $210.00-205.00 support and the 50 percent Fibonacci retracement level of the last wave from the $185.84 low to $236.63 high.
A break and close below $210.00 could take Ether’s price towards the next important support area of $200.00. On the topside, there is a bearish trend line on the same chart, protecting an upside break towards $250.00.
The ETH/USD pair continues consolidating above $200.00, bullish in the wider view but bearish short-term, given that in the 2-hour chart, the RSI turned lower and is pressuring its midline.
A more significant downward corrective movement could come on a break below $200.00, the next big support, but is quite unlikely for today.
Moving on to the 6-hour chart, there is a clear barrier on the upside at $250.00. The price is forming a short-term breakout pattern within range and might head lower towards $200.00.
Below $200.00, the monthly pivot sits above $180.00, waiting to stop declines if sellers gain momentum during the coming sessions.
To the upside, the ETH/USD pair has to extend beyond the $220.00 resistance, to be able to extend its gains up to $230.00 first, then to the $250.00 price zone. In the short term, there can be bearish pressures, leading the price towards $200.00.