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Ethereum Price Forecast: Ether Holding Downtrend Support

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is holding key supports against the US dollar and bitcoin. ETH/USD must remain above the $200.00 support to start a fresh upward move.

Key Highlights

Ether’s price is holding the $200.00 support with a few negative signs against the US dollar.
A contracting triangle is formed with resistance at $218.00 and support near $210.00 on the 30-minute chart of ETH/USD.
ETH/BTC is currently above the 0.0320BTC support level.

Technically, the 2-hour chart indicators are slowly moving lower in the bearish territory.

Ether Price Analysis

There were mostly range moves in ETH/USD above the $200.00 support. The pair made an attempt to recover higher, but it faced resistances near the $218.00 and $220.00 levels.

ETH/BTC also consolidated in a tiny range above the 0.0320BTC support. If the pair corrects higher, it could face resistance near the 0.0340BTC and 0.0350BTC levels.

Ethereum Price Analysis ETH

Looking at the 2-hour chart of ETH/USD, the pair clearly moved into a bearish zone after it broke the $230.00 support area. However, declines were protected above the $200.00 level since it is a major pivot and support zone.

On the upside, there are many hurdles for Ether buyers, starting with the $220.00 level and ending with $230.00. There is also a major bearish trendline with resistance at $235.00 on the same chart along with the 50 Fibonacci retracement level of the recent slide from the $254.66 high to $203.56 low.

Should there be a break and close above $235.00, the price may rise toward the $250.00 resistance. Dropping down to the 30-minute chart of ETH/USD, there is a contracting triangle in place with resistance at $218.00 and support near $210.00.

Ether Price Analysis Chart

Therefore, it seems like Ether’s price is preparing for the next break either above $218.00 or below $210.00. A bearish break below $210.00 could push the price back toward $200.00-205.00.

On the other hand, an upward move above the $218.00 level will most likely help Ether buyers in accelerating gains toward the $230.00 and $235.00 resistances.

Important Resistance Levels

$218.00 and $230.00

Important Support Levels

$210.00 and $205.00

2-hour RSI

The RSI is currently moving lower toward the 40 level.

2-hour MACD

The MACD is slowly moving in 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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