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Ethereum Price Forecast: Ether’s Recovery Remains Limited

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price recovery is facing many hurdles against the US dollar and bitcoin. ETH/USD’s gains seems to be capped near the $200.00 resistance area.

Key Highlights

Ether’s price remained capped near the $195.00 and $200.00 resistances against the US dollar.
ETH/USD is struggling to settle above a key bearish trendline on the 2-hour chart.
ETH/BTC is holding the 0.0300BTC support, but it remains at a risk of more losses.

Technically, the 2-hour chart indicators are showing no signs of a recovery in the bearish territory.

Ether Price Analysis

Recently, ETH/USD declined close to the $185.00 support and traded as low as $186.92. Later, the pair recovered above $190.00, but recoveries were stopped near the $200.00 resistance.

Similarly, ETH/BTC failed to clear the 0.0315BTC resistance and declined back below 0.0310BTC. The pair is currently trading above the 0.0300BTC support and it could extend declines if Ether sellers gain momentum.

Ethereum Price Analysis ETH

Looking at the 2-hour chart of ETH/USD, the pair formed a decent bullish candle from the $186.92 low and traded higher. More importantly, there was a break above a crucial bearish trendline with resistance at $195.00.

However, Ether buyers failed to gain traction and the price trimmed most of its gains. At present, the price is retesting the broken trendline, which is acting as a support near the $188.00 level. Additionally, there is a connecting bullish trendline in place with support at $189.00.

Therefore, the price must hold the $188.00-190.00 support zone to recover in the near term. Dropping down to the 30-minute chart of ETH/USD, the pair is currently trading inside a declining channel with resistance at $192.50.

Ether Price Analysis Chart

Above the channel resistance, the next resistance is close to $200.00 and a short-term bearish trendline. To the downside, the channel support is near $188.00 along with a horizontal support.

The current price action and technical structure on the 2-hour chart indicates that Ether’s price is struggling to recover above $195.00 and $200.00. Therefore, a break below the $188.00 support zone could spark more declines toward $185.00 and $180.00.

Important Resistance Levels

$195.00 and $200.00

Important Support Levels

$188.00 and $185.00

2-hour RSI

The RSI is currently well below the 35 level.

2-hour MACD

The MACD is placed heavily 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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