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Ethereum Price Forecast: Ether Recovers Sharply Above $200

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is trading with bullish moves against the US dollar and bitcoin. ETH/USD tested the $190.00 support zone and recovered sharply.

Key Highlights

Ether’s price jumped back after testing the $190.00-192.00 support area against the US dollar.
ETH/USD broke a key bearish trendline with resistance at $195.00 on the 30-minute chart.
ETH/BTC is trading nicely above the 0.0330BTC level with a few positive signs.

Technically, the 2-hour chart indicators are moving higher toward midlines in the bearish territory.

Ether Price Analysis

There was a sharp bearish reaction from the $220.00 swing high in ETH/USD. The pair tumbled and broke the $200.00 support area before buyers emerged near the $190.00-192.00 support zone.

ETH/BTC mostly traded in a range above the 0.0315BTC support. It seems like the pair may rise in the short term toward the 0.0340BTC and 0.0350BTC resistances.

Ether Price Analysis ETH

Starting with the 30-minute chart of ETH/USD, the pair formed a solid support base above the $190.00 level and recovered higher. It broke the $200.00 resistance zone and a key bearish trendline with resistance at $195.00.

Additionally, there was a break above the 50 Fibonacci retracement level of the last drop from the $227.15 high to $192.51 low. It cleared the path for more upsides above the $210.00 resistance. However, Ether sellers appeared near the $215.00 level (the previous support) and the 61.8 Fibonacci retracement level of the last drop.

Moving up to the 2-hour chart of ETH/USD, the pair is clearly showing positive signs above the $190.00 support. Should Ether succeed in clearing the $213.00-215.00 resistance, there could be a push toward the $220.00 level.

Ethereum Price Analysis ETH

On the other hand, a fresh correction wave may find support near the $202.00 and $200.00 levels. Below these, the next crucial support is around $190.00.

Overall, the current price action is bullish above the $200.00 level. However, ETH/USD buyers need to gain traction above the $215.00 level to retain momentum. If not, there is a risk of a downside correction back to $200.00.

Important Resistance Levels

$215.00 and $220.00

Important Support Levels

$202.00 and $200.00

2-hour RSI

The RSI is currently near the 45-50 zone.

2-hour MACD

The MACD has moved back 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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