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Ethereum Price Forecast: Ether Could Test $200 Support

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price trend is overwhelmingly bearish against the US dollar and bitcoin. ETH/USD could even test the $200.00 support if sellers remain in action.

Key Highlights

Ether extended losses and broke the $220.00 support against the US dollar.
ETH/USD is currently consolidating and remains at a risk of more losses below $211.00 and $200.00.
ETH/BTC fell sharply below 0.0360BTC and later found support near 0.0335BTC.

Technically, the 6-hour chart indicators are currently recovering from the oversold region.

Ether Price Analysis

Yesterday, we saw a crucial bearish break below the $250.00 support in ETH/USD. Later, the price extended losses, broke the $220.00 support, and traded to a new multi-month low at $211.61.

ETH/BTC also declined further below the 0.0360BTC support. Later, the pair found support near the 0.0335BTC level and is currently correcting higher. Resistances on the upside are 0.0360BTC and 0.0380BTC.

Ethereum Price Analysis ETH

Looking at the 6-hour chart of ETH/USD, the pair fell significantly after it broke the key range support at $270.00. Buyers even failed to defend the $250.00 and $220.00 support levels. A new multi-month low was formed at $211.61 and the price later recovered a few points.

The price corrected above the $220.00 and $225.00 levels, but the $232.00 level seems to be preventing further recoveries since it is close to the 23.6 percent Fibonacci retracement level of the recent decline from the $292.36 swing high to $211.61 low.

Should Ether buyers succeed in clearing the $232.00 resistance, the price could test the next resistance at $240.00. However, the most important resistance for the current correction is at $250.00 (the previous support) and the 50 percent Fibonacci retracement level of the recent decline.

Ether Price Analysis Chart

Dropping down to the 2-hour chart of ETH/USD, the pair seems to be trading inside a short-term breakout pattern with resistance at $230.00 and support at $222.00.

Therefore, a 2-hour close below $222.00 may well open the door for more downsides below the recent low at $211.61. Finally, if the price fails to stay above $210.00, there is a risk of further losses below the $200.00 support in the coming sessions.

Important Resistance Levels

$232.00 and $240.00

Important Support Levels

$211.00 and $200.00

6-hour RSI

The RSI is slowly correcting higher from the 20 level.

6-hour MACD

The MACD is placed heavily 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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