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ETH/USD Forecast: Stuck Below $210

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether stands at the back foot against the US dollar and bitcoin. ETH/USD is still finding it hard to break a monster resistance near $200.00-210.00.

Key Highlights

Ether is struggling to gain bullish momentum above $210.00 against the US dollar.
Two bearish trendlines with resistance near $200.00 on the 4-hour chart are protecting an upside move in ETH/USD.
ETH/BTC is stable above 0.070BTC, but remains at a risk of a downside break.

Technically, the hourly chart indicators are moving lower towards their midlines.

Ether Price Extended Consolidation

We recently saw a strong bounce in Ether’s price against the US dollar and bitcoin. The ETH/USD pair traded towards $210.00 and ETH/BTC tested 0.074BTC.

Ethereum ETH/USD Forecast

However, buyers failed to capitalize on the bounce and ETH/USD struggled briefly near a crucial resistance of $210.00. Looking at the 4-hour chart, there are two important bearish trendlines positioned near $200.00.

These declining trendlines prevented an upside break on many occasions and there was no H4 close above $200.00. The last 4-5 candle tales are near the trendlines, suggesting the significance of trendlines.

Having said that, the $210.00 resistance is also a major hurdle for buyers. Only a successful close above $200.00 and $210.00 might ignite a rally in the near term. The $210.00 area is also around the 38.2 percent Fibonacci retracement level of the last decline from the $256.08 high to $177.99 low.

Ether Price Analysis Chart

On the downside, the last swing low of $177.99 is a decent support followed by $175.00. Dropping down to the hourly chart of ETH/USD, the pair recently broke a declining triangle pattern at $194.00.

However, there was no major move after the break and the price remained below $200.00. The 50 percent Fibonacci retracement level of the last of the last leg from the $177.99 low to $209.81 high is near $192.00.

A close below $192.00-190.00 could produce a fresh downside move towards $175.00. On the other hand, if Ether gains pace and moves above $200.00, it could result in a sustained upside move. In the meantime, the price may continue to consolidate in an extended range near $190.00.

Important Resistance Levels

$200.00 and $210.00

Important Support Levels

$190.00 and $175.00

Hourly RSI

The RSI is heading lower towards the 50 level.

Hourly MACD

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

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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