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Ethereum Price Forecast: Ether’s Trend Positive Above $200

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is struggling to extend gains above key levels against the US dollar and bitcoin. ETH/USD must stay above the $200.00 support to bounce back.

Key Highlights

Ether’s price failed to break the $215.00 resistance and corrected lower against the US dollar.
A significant breakout pattern is forming with resistance at $212.00 on the 6-hour chart.
ETH/BTC is correcting lower toward the 0.0320BTC and 0.0315BTC support levels.

Technically, the 6-hour chart indicators are moving lower in the bearish territory.

Ether Price Analysis

Yesterday, we discussed how ETH/USD buyers need to gain momentum above the $215.00 resistance to push the price higher. However, the pair failed to break the resistance and started a downside correction.

Similarly, ETH/BTC was not able to clear the 0.0340BTC and 0.0350BTC resistances and declined. The pair is currently trading below 0.0330BTC and could correct further toward the 0.0320BTC support.

Ether Price Analysis Chart

Looking at the 2-hour chart of ETH/USD, the pair formed a high at $215.17 and started a fresh bearish wave. It broke the $210.00 support area and the 23.6 Fibonacci retracement level of the recent upward move from the $192.51 low to $215.17 high.

The price even cleared the $205.00 support level, but the 50 Fibonacci retracement level of the recent upward move acted as a support near $203.00. To the downside, the previous resistance near $200.00 is most likely to hold the current decline.

At present, Ether’s price is following a declining channel with resistance at $212.00 on the same chart. Should buyers succeed in pushing the price above the channel resistance, there could be an upward move toward the $220.00 and $225.00 resistance levels.

Ethereum Price Forecast ETH

Moving up to the 6-hour chart of ETH/USD, there is a significant breakout pattern forming with resistance at $212.00. The pair may soon make the next move either above $212.00 or below $200.00 in the near term.

To the topside, the price could accelerate toward $225.00 if there is a close above $212.00. Conversely, a break below $200.00 possibly will spark more downsides toward the $192.00 support.

Important Resistance Levels

$212.00 and $220.00

Important Support Levels

$203.00 and $200.00

6-hour RSI

The RSI is currently just below the 45 level.

6-hour MACD

The MACD is slowly moving into 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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