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Ethereum Price Forecast: Ether Is Consolidating Losses

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is trading with consolidation moves against the US dollar and bitcoin. ETH/USD is placed nicely above the $260.00 level and could correct higher.

Key Highlights

Ether is mostly consolidating above the $260.00 support area against the US dollar.
A declining channel is in place with resistance at $290.00 on the 2-hour chart of ETH/USD.
ETH/BTC is consolidating above the 0.0420BTC support area with a few positive signs.

Technically, the 2-hour chart indicators are slowly rising higher in the bearish territory.

Ether Price Analysis

There was no major move in ETH/USD either above $280.00 or below $260.00. The price mostly traded in a range above the $260.00 support, but there are a few positive signs developing on both the 2-hour and 6-hour chart.

ETH/BTC also traded in a range above the 0.0420BTC level. On the upside, a break above the 0.0440BTC and 0.0450BTC resistances is needed for a push into a bullish zone.

Ether Price Analysis ETH

Looking at the 2-hour chart of ETH/USD, there is a decent support base formed around the $260.00 level. The price moved higher and settled above the $270.00 level and the 23.6 percent Fibonacci retracement level of the last decline from the $298.17 high to $259.56 low.

To the topside, there is a key resistance formed near the $280.00 level. More importantly, there is a crucial declining channel in place with resistance at $290.00. A proper break and close above the 61.8 percent Fibonacci retracement level of the last decline could push the price above the $290.00 level.

Ethereum Price ETH Forecast

Moving up to the 6-hour chart of ETH/USD, the pair is trading inside a contracting triangle forming with support near the $260.00 level and resistance at $280.00.

Should there be a close above the triangle resistance and $290.00, the price may well climb above the $300.00 level in the near term. On the flip side, a bearish break below the $260.00 level will most likely ignite more negative moves toward the $250.00 and $240.00 levels.

6-hour MACD

The MACD is mostly flat in the bearish zone.

6-hour RSI

The RSI is way below the 40 level and is showing no bullish signs.

Important Support Levels

$265.00 and $260.00

Important Resistance Levels

$280.00 and $290.00

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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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.