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Ethereum Price Forecast: Ether Buyers Eyeing Upside Break

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is eyeing a fresh upward move against the US dollar and bitcoin. ETH/USD could trade higher if there is a close above the $215.00 resistance.

Key Highlights

Ether’s price is trading with a bullish angle above $210.00 and $206.00 against the US dollar.
ETH/USD is attempting a close above a crucial bearish trendline with resistance at $211.00 on the 2-hour chart.
ETH/BTC found support near 0.0320BTC and is currently moving higher.

Technically, the 2-hour chart indicators are moving higher in the bullish territory.

Ether Price Analysis

During the past few sessions, there were a couple of swing moves toward the $200.00 support. ETH/USD buyers protected declines near $200.00 and $205.00 and pushed the price higher.

ETH/BTC also found support near the 0.0320BTC level. The pair is currently moving higher and may continue to rise toward the 0.0340BTC and 0.0350BTC levels in the near term.

Ether Price Analysis ETH

Starting with the 30-minute chart of ETH/USD, the pair formed a solid support base near the $207.00 level and later gained bullish momentum. Ether traded above the $210.00 level and retested the $215.00 resistance zone.

During the upside, the price broke a short-term bearish trendline with resistance at $208.00. It is currently correcting lower and approaching the $210.00 support. The most important support on the downside is near the $207.00-208.00 zone.

Moreover, the 23.6 Fibonacci retracement level of the recent leg from the $196.72 low to $215.37 high could also act as a support around $210.00. Therefore, there are many supports aligned between the $207.00 and $210.00 levels.

Ethereum Price Analysis ETH

Moving up to the 2-hour chart of ETH/USD, the pair is attempting a close above a crucial bearish trendline with resistance at $211.00. Should there be a proper 2-hour close above the $212.00 level, the price could accelerate higher.

However, Ether buyers need to clear the $215.00 resistance area, which has prevented further gains on more than two occasions. Overall, Ether’s price is trading with a positive bias as long as buyers continue to hold losses below $207.00.

Important Resistance Levels

$215.00 and $220.00

Important Support Levels

$210.00 and $207.00

2-hour RSI

The RSI is currently moving higher toward the 60 level.

2-hour MACD

The MACD is gaining momentum 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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