ETH/USD Forecast: Bullish on Break above $210
|Ether buyers succeeded in preventing declines below the $190.00 pivot against the US dollar.|
|ETH/USD is consolidating in a contracting triangle with resistance at $206.00 on the 2-hour chart.|
|ETH/BTC traded below 0.080BTC and buyers seem to be struggling to contain losses.|
Technically, the 12-hour chart indicators are flat and moving around their midlines.
Ether Price Poised for an Upside Break?
Yesterday, we saw an important support base near $190.00 on the hourly chart of ETH/USD. The pair has succeeded so far in holding the stated support and is currently positioned above the $200.00 handle.
Looking at the 2-hour chart, there is a contracting triangle pattern forming with resistance near $206.00. A break above the triangle resistance could lead the pair towards a crucial resistance near $210.00 (support turned resistance).
As discussed yesterday, the $210.00 resistance holds a lot of value in the short term since it is near the 50 percent Fibonacci retracement level of the last decline from the $231.70 high to $192.64 low.
Above $210.00, there is a connecting bearish trendline positioned at $215.00 on the 2-hour chart. Should there be a close above $210.00, the pair would gain bullish momentum for further upsides.
On the downside, the triangle support sits at $196.00 with a break below it favoring a downward corrective movement towards $190.00.
Moving on to the 12-hour chart of ETH/USD, there are two new bearish trendlines forming with resistance near $220.00-225.00. These trendlines could play a major role in a sustained recovery of Ether’s price in the near term towards $250.00 or higher.
To the downside, there is a significant support zone of $190.00-175.00. As long as the pair is above the stated support zone, there are chances of an upside break.
The technical indicators are stabilizing above their midlines, which is a positive sign and could lead to an extended recovery above $210.00 in ETH/USD.