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Ethereum Price Forecast: Ether’s Resistance Turned Support

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is placed nicely above key supports against the US dollar and bitcoin. ETH/USD must hold gains above $200.00 to resume its upside move.

Key Highlights

Ether’s price traded as high as $223.96 before starting a downside correction against the US dollar.
ETH/USD broke a major bullish trendline with support at $215.00 on the 30-minute chart.
ETH/BTC traded toward the 0.0340BTC resistance and later corrected to 0.0315BTC.

Technically, the 2-hour chart indicators are correcting lower in the bullish territory.

Ether Price Analysis

During the past few sessions, there was a sharp upward move in ETH/USD from the $167.73 low. The pair traded above the $190.00, $200.00, and $215.00 resistance levels and posted the $223.96 high.

ETH/BTC also rallied above important resistances such as 0.0300BTC and 0.0315BTC. The pair traded close to 0.0340BTC and later corrected back toward the 0.0315BTC support (the previous resistance).

Ethereum Price Analysis ETH

Looking at the 2-hour chart of ETH/USD, the pair gained bullish momentum after it broke the $185.00, $188.00, and $200.00 resistances. Ether also breached the $215.00 resistance and the 38.2 Fibonacci retracement level of the decline from $302.26 to $167.73.

The price traded as high as $223.96 and later started a downside correction. It declined below the $210.00 level and the 23.6 Fibonacci retracement level of the recent wave from $167.73 to $223.96. However, a short-term, connecting, bullish trendline with current support at $204.00 held losses.

Dropping down to the 30-minute chart of ETH/USD, it seems like there is a strong support formed above $200.00. Therefore, if Ether continues to correct lower, the previous resistances like $200.00 and $190.00 are likely to act as supports.

Ether Price Analysis Chart

To the topside, there is a bearish trendline in place with resistance at $212.00. A successful hourly close above the trendline resistance could lead the price toward the $220.00 resistance. A follow-through upward move is likely to get extended toward the $230.00 resistance before the price eventually tests the 50 Fibonacci retracement level of the decline from $302.26 to $167.73 around $135.00.

Conversely, the $200.00 support area might continue to protect losses and is followed by supports at $191.00, $190.00, and $188.00.

Important Resistance Levels

$212.00 and $220.00

Important Support Levels

$200.00 and $190.00

2-hour RSI

The RSI is correcting lower toward the 55 and 50 levels.

2-hour MACD

The MACD is showing positive signs in the bullish 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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