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ETH/USD Forecast: Ether Plunge Into Support

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether eases further as sentiment deteriorated versus the US dollar and bitcoin. ETH/USD is struggling to hold $200.00, which is a short-term bearish sign.

Key Highlights

Ether declined further and moved below the $200.00 support against the US dollar.
ETH/USD managed to stay above the $190.00 level but faces many resistances like $210.00 and $218.00.
ETH/BTC, after a downside break, moved back above the 0.080BTC pivot.

Technically, the 4-hour chart indicators are closing in towards their midlines and attempting downside break.

Ether Price Struggle Continues

In yesterday’s analysis, we discussed about the chances of ETH/USD testing the $200.00 level. The pair did trade lower and not only tested the $200.00 support, but even traded to a new intraday low at $192.64.

Ethereum ETH/USD Forecast

Let’s start with the 4-hour chart, which shows how a bearish trendline at $225.00 protected an upside break and sparked a downside move.

The pair broke a connecting bullish trendline at $224.00 and moved sharply towards $200.00. Buyers struggled to hold the $200.00 support and as a result, there was a new intraday low formed at $192.64.

The $190.00 level acted as a major support zone along with $180.00. The price already recovered a few points and is currently flirting with the $200.00 handle. In order to avoid any further declines, the price has to stay above $180.00-190.00.

Dropping down to the hourly chart of ETH/USD, there are two bearish trendlines at $204.00 and $218.00. The first is a short-term hurdle for Ether’s recent recovery. Above $204.00, the price may test the previous support at $210.00, which now serves as resistance.

Ether Price Technical Analysis Chart

The $210.00 resistance is also the 50 percent Fibonacci retracement level of the last decline from the $231.70 high to $192.64 low. However, the most important resistance is near the second bearish trendline at $218.00.

On the downside, there is a support base forming above $190.00. If buyers succeed in avoiding declines below the recent low of $192.64, there can be a push towards the $210.00 resistance.

Deeper correction would signal improved uptrend with a break above the $210.00 pivot expected to ignite stronger upside action.

Important Resistance Levels

$210.00 and $218.00

Important Support Levels

$192.00 and $180.00

Hourly RSI

The RSI is currently just below the 50 level.

Hourly MACD

The MACD is about to change the slope from bearish to bullish.

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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