Key Highlights
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.

Ether Price Analysis Chart

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.

Ethereum ETH USD Forecast

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.

Important Resistance Levels

$210.00 and $215.00

Important Support Levels

$196.00 and $192.00

2-Hour RSI

The RSI is attempting to move above the neutral (50) level.

2-Hour MACD

The MACD is slowly moving away from the bearish zone.
Disclaimer:
The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Ether Technical Analysis

08-17-2017 ETH/USD Forecast: About to Explode?
07-28-2017 ETH/USD Forecast: Crucial Break Looming
07-27-2017 ETH/USD Forecast: Bullish on Break above $210
07-26-2017 ETH/USD Forecast: Ether Plunge Into Support
   

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