ETH/USD Forecast: Stuck Below $210
|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.
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.
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.