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Ethereum Price Forecast: Ether Remains In Tight Range

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is confined in tiny ranges against the US dollar and bitcoin. ETH/USD could charge past $475.00 if buyers gain bullish momentum.

Key Highlights

Ether’s price traded in a tight range below the $475.00 resistance against the US dollar.
A strong support is formed above the $455.00 level on the 2-hour chart of ETH/USD.
ETH/BTC is also trading in a range above the 0.0550BTC support area.

Technically, the 2-hour chart indicators are moving lower in the bearish territory.

Ether Price Analysis

During the past few sessions, there were mostly range moves with a slight bearish angle in ETH/USD. The pair failed to move above the $475.00 resistance and declined toward the $455.00-460.00 support area.

Similarly, ETH/BTC traded in a range above the 0.0550BTC support. To the topside, the pair is facing many hurdles, starting with 0.0580BTC and followed by 0.0600BTC.

Ethereum Price Forecast ETH

Looking at the 2-hour chart of ETH/USD, the pair failed to break the $485.00 resistance on a few occasions, resulting in a close below $480.00. Similarly, there were rejections above the $470.00 level, pushing the price toward the $460.00 support.

There are two key bearish trendlines formed with resistance near $468.00-470.00 on the same chart. A successful close above $470.00 could push the price toward the all-important $485.00 resistance.

On the downside, there is a strong support forming above the $455.00 level, below which, Ether’s price may perhaps slide further into the red zone. The next supports are $445.00 and $440.00.

Ether Price Analysis Chart

Moving down to the 30-minute chart of ETH/USD, there is a short-term resistance formed near $462.00 and a connecting bearish trendline. Should Ether surpass the trendline resistance, it may well trade toward $470.00.

On the flip side, if Ether sellers are strong enough to drive the battle lower and break the $455.00 support, then we may see them aiming for the next support zone of $440.00.

Overall, ETH/USD is trading in a crucial range and it will either surge above $475.00 or drop below $455.00 in the near term.

Important Resistance Levels

$470.00 and $485.00

Important Support Levels

$455.00 and $440.00

2-hour RSI

The RSI is below 40 with a bearish angle.

2-hour MACD

The MACD is slowly gaining pace 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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