Key Highlights
Ether’s price recovery from $200.91 against the US Dollar is facing many challenges on the upside.
There is a monster resistance zone near $275.00-295.00 on the daily chart of ETH/USD.
ETH/BTC continues to face heavy offers near the 0.070BTC resistance.

Technically, the daily chart indicators are stable, but well below their midlines in the bearish territory.

Ether Price Facing a Major Challenge

There were more than seven back-to-back bearish candles formed on the daily ETH/USD chart before the pair found support near $200.00. A new two-month low was formed at $200.91.

Ether Price Weekly Analysis Chart

During the downside move, there was a break of a major support area at $275.00. The stated $275.00 level is now a key resistance for the current recovery.

To the upside, there is a resistance zone forming near $275.00-295.00 (pivot levels) as well as a bearish trendline on the same chart. Should there be a daily close above $295.00, the price would move back in the bullish zone.

That said, it won’t be easy for Ether buyers to push the price above the mentioned $295.00 level since it is the 50 percent Fibonacci retracement level of the decline from the $395.41 high to $200.91 low.

On the downside, a crucial support zone near $190.00-175.00 (both monthly pivot levels) is waiting to hold losses if ETH/USD turns lower once again.

Moving on to the 2-hour chart, the pair recently found resistance near the 61.8 percent Fibonacci retracement level of the decline from the $316.17 high to $200.91 low at $272.00.

Ethereum Price ETH/USD Weekly Forecast

The price is slowly grinding lower and already moved below the 23.6 percent Fibonacci retracement level of the recent wave from the $200.91 low to $272.41 high. If the current bias remains intact, the price could drop back towards the $220.00-223.00 support.

An intermediate support is near the 50 percent Fibonacci retracement level of the recent wave from the $200.91 low to $272.41 high at $236.00.

Overall, steady gains above $275.00 should see ETH/USD accelerating north, with Ether sellers finding an unfavorable market. The $280.00 area comes next, en route to the $295.00 price zone, where the pair had multiple daily highs and lows. Supports on the other hand, are present at $236.00, and $223.00, and a menacing $200.00 should conditions turn bearish.

Weekly Resistance Levels

$275.00 and $295.00

Weekly Support Levels

$236.00 and $200.00

Daily RSI

The RSI recovered well, but remains below the 50 level.

Daily MACD

The MACD remains in the bearish zone.
Disclaimer:
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.

Ether Technical Analysis

Today ETH/USD Forecast: Ethereum Price Struggles near $298-$300
09-18-2017 ETH/USD Forecast: Ethereum Price Firms above $275
09-17-2017 ETH/USD Weekly Forecast: Ethereum Price Remains Vulnerable
09-16-2017 Ethereum Price Analysis: ETH/USD Defies Gravity
   

Subscribe to our Newsletter

* indicates required
Email Address *
First Name
Last Name
Country
News Categories of Interest