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Ethereum Price Forecast: Ether Correcting Toward Key Supports

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is correcting lower against the US dollar while consolidating versus bitcoin. ETH/USD must stay above $230.00 and $215.00 to bounce back.

Key Highlights

Ether’s price started a downside correction and tested the $230.00 support against the US dollar.
ETH/USD cleared two bullish trendlines with support near $240.00 on the 2-hour chart.
ETH/BTC is currently consolidating above the 0.0350BTC support.

Technically, the 2-hour chart indicators moved back into the bearish territory.

Ether Price Analysis

During the past three sessions, there were bearish moves in ETH/USD below the $250.00 level. The pair started a downside correction and declined below the $240.00 support.

On the other hand, ETH/BTC remained in a tight range and consolidated above the 0.0350BTC level. Should Ether slide below 0.0350BTC and 0.0340BTC, it could retest the 0.0320BTC support.

Ethereum Price Analysis ETH

Looking at the 2-hour chart of ETH/USD, the pair formed a short-term top at $254.66 and moved below the $240.00 support. During the decline, the pair cleared two bullish trendlines with support near $240.00.

Moreover, the pair broke the 23.6 Fibonacci retracement level of the last upward move from the $192.51 low to $254.66 high. However, the decline found support near the previous resistance at $230.00. If Ether buyers struggle to keep the price above the $230.00 support, there could be an extended downside correction.

The next support is near $223.00 and the 50 Fibonacci retracement level of the last upward move. Any further losses may push the price toward the next significant support at $215.00 (the previous resistance).

Ether Price Analysis ETH

Moving down to the 30-minute chart of ETH/USD, the pair is holding the $230.00 support. To the upside, the previous support at $240.00 might prevent gains in the short term.

The current price action indicates that Ether’s price is correcting the recent gains from the $192.51 low. The price could extend the current correction, but it won’t be easy for sellers to clear the $230.00 and $223.00 support levels. On the upside, the $240.00 and $250.00 levels are important hurdles for more gains.

Important Resistance Levels

$240.00 and $250.00

Important Support Levels

$230.00 and $223.00

2-hour RSI

The RSI is currently below the 40 level.

2-hour MACD

The MACD has moved back 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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