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ETH/USD Forecast: Buyers Losing Grip?

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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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