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Ethereum Price Forecast: Ether Eyeing Bullish Break

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is showing recovery signs against the US dollar and bitcoin. ETH/USD could trade higher toward the $230.00 resistance in the short term.

Key Highlights

Ether’s price moved higher and traded above the $214.00 resistance against the US dollar.
A crucial resistance is formed near $228.00-230.00 on the 2-hour chart of ETH/USD.
ETH/BTC is correcting higher toward the 0.0340BTC resistance level.

Technically, the 2-hour chart indicators are near midlines in the bearish territory.

Ether Price Analysis

There was a positive price action above the $210.00 level in ETH/USD. The pair started an upward move and traded above the $214.00 and $218.00 levels before facing sellers near the $220.00 level.

ETH/BTC also started correcting higher and moved above the 0.0330BTC level. The pair may continue to rise toward the next key resistance at 0.0340BTC.

Ether Price Analysis Chart ETH

Starting with the 30-minute chart of ETH/USD, the pair bounced back from the $210.00 support. Ether buyers pushed the price above the $215.00 resistance and a bearish trendline. The price also traded above the 23.6 Fibonacci retracement level of the downward move from the $254.66 high to $203.56 low.

It opened the gates for more gains, and the price tested the next resistance at $218.00-220.00. The current price structure is positive, but Ether seems to be struggling to surpass the $220.00 resistance.

The 2-hour chart of ETH/USD indicates that the pair could trade above the $220.00 resistance. However, there is a strong resistance formed near $230.00 and a bearish trendline at $228.00. More importantly, the 50 Fibonacci retracement level of the downward move is also around $228.00.

Ethereum Price Analysis ETH

Therefore, it won’t be easy for Ether buyers to overcome the $230.00 hurdle. On the downside, there is a key bullish trendline formed on the same chart with support at $211.00.

Should Ether’s price surpass the $220.00 resistance, it could test the $230.00 barrier. Overall, ETH/USD price action is narrowing within a range pattern, suggesting a breakout is imminent either above $220.00 or below $210.00.

Important Resistance Levels

$220.00 and $228.00

Important Support Levels

$211.00 and $204.00

2-hour RSI

The RSI is struggling to break the neutral (50) level.

2-hour MACD

The MACD is about to move into 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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