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ETH/USD Forecast: Crucial Break Ahead

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is trading in a range above $220.00 against the US dollar and corrected lower versus bitcoin. It seems like ETH/USD is approaching a crucial break.

Key Highlights

Ether remained in the bullish zone but is soon approaching a key break against the US dollar.
There is a contracting triangle pattern with resistance near $226.00 forming on the 2-hour chart.
ETH/BTC corrected lower and moved below a major support of 0.080BTC.

Technically, the 2-hour chart indicators are moving to and fro above their midlines in the bullish territory.

Ether Price Struggling to Move Higher?

The ETH/USD pair continued to hold the $210.00 support with little directional strength and within a confined range. On the other hand, the ETH/BTC pair corrected lower from 0.082BTC and moved below an important support of 0.080BTC.

Ether Price Technical Analysis Chart

The ETH/USD pair still lies within a bullish trend despite ongoing consolidation above the $210.00 support. Looking at the 30-min chart, there is a solid bullish trendline forming with support near $224.00.

The trendline support is holding losses and protecting a downside break towards $210.00. Furthermore, there is a clear contracting range pattern forming with support at $223.00 and resistance near $227.00.

The recent dip in ETH/USD was well protected by the trendline and the 50 percent Fibonacci retracement level of the last leg from the $216.24 low to $227.99 high.

The 2-hour chart shows a clear picture of the current trend. It seems like Ether’s price is approaching a crucial break since there is a contracting triangle pattern forming with resistance near $226.00.

Ethereum ETH/USD Forecast

The triangle support sits at $223.00 and holds a lot of significance in the short term. Should there be a break and close below $223.00, the price may drop back towards $210.00.

Just above $210.00, there is a connecting bullish trendline on the same chart. To the upside, an initial resistance is near $226.00-227.00 (daily high and the triangle resistance). A successful close above $226.00 followed by a break of $230.00 would signal upward strength.

The intraday outlook favors the upside with limited downsides below $210.00 ahead of the weekend.

Important Resistance Levels

$226.00 and $232.00

Important Support Levels

$223.00 and $210.00

2-Hour RSI

The RSI is correcting from the overbought levels, but remains well in the bullish zone.

2-Hour MACD

The MACD is reducing its bullish slope.

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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