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ETH/USD Forecast: Buyers Losing Grip?





Ether upside attempt was unsuccessful versus the US dollar and bitcoin. ETH/USD is trading lower and may soon test the all-important $200.00 support.

Key Highlights

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.

Ether Price Analysis Chart

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.

Ethereum ETH/USD Forecast

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.

Important Resistance Levels

$220.00 and $230.00

2-hour RSI

$205.00 and $200.00

2-hour MACD

The MACD is gaining momentum in the bearish zone.

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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