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Ethereum Price Forecast: Ether Struggling Near Important Resistances

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is consolidating against the US dollar and moving higher versus bitcoin. ETH/USD seems to be facing a tough resistance near the $225.00-230.00 zone.

Key Highlights

Ether’s price is facing important resistances near $225.00 and $230.00 against the US dollar.
A major contracting triangle is forming, with current resistance at $220.00 on the hourly chart of ETH/USD.
ETH/BTC is correcting higher and could test the 0.0340BTC and 0.0350BTC resistances.

Technically, the hourly chart indicators are placed nicely in the bullish territory.

Ether Price Analysis

ETH/USD remained well above the $200.00 support area and have mostly traded in a range during the past few hours. However, it seems like Ether buyers are really struggling to gain bullish momentum above the $220.00 level.

On the other hand, ETH/BTC climbed higher from the 0.0315BTC support and moved above the 0.0330BTC level. The pair could continue to move higher in the short term toward the 0.0340BTC and 0.0350BTC resistances.

Ether Price Analysis Chart ETH

The hourly chart of ETH/USD indicates that the pair is preparing for the next break either above $220.00 or below $200.00. There is a major contracting triangle forming, with current resistance at $220.00. Should Ether break the triangle resistance, it may climb toward the $230.00 resistance area.

Conversely, a close below the triangle support at $205.00 could put sellers back in control; they might attempt to break the $200.00 support area. The next significant support is near $190.00 and the 61.8 Fibonacci retracement level of the last upward move from $167.73 to $223.96.

Ethereum Price Analysis ETH

Moving up to the 6-hour chart of ETH/USD, the pair is positioned nicely above the $200.00 support (the previous resistance). However, there are many hurdles near the $225.00 and $230.00 levels. Additionally, there is also a key bearish trendline in place, with current resistance at $250.00.

Therefore, gains above $220.00 in Ether’s price are likely to face a lot of obstacles. In the short term, there could be range moves above $200.00 before the price make an attempt to clear the $230.00 resistance.

Important Resistance Levels

$220.00 and $230.00

Important Support Levels

$205.00 and $200.00

Hourly RSI

The RSI is currently well above the 55 level.

Hourly MACD

The MACD is placed nicely 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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