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Ethereum Price Forecast: Ether Rallies Into Resistance

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price traded higher and tested crucial resistances against the US dollar and bitcoin. ETH/USD must surpass the $234.00-235.00 barrier to continue higher.

Key Highlights

Ether’s price rallied and tested the key resistance at $230.00-235.00 against the US dollar.
An important bearish trendline is in place with resistance near $234.00 on the 2-hour chart of ETH/USD.
ETH/BTC tested the 0.0340BTC resistance and is currently consolidating gains.

Technically, the 6-hour chart indicators have moved into the bullish territory.

Ether Price Analysis

Yesterday, we discussed a possible bullish break above the $220.00 resistance in ETH/USD. The pair did move higher, breaking the $220.00 and $228.00 resistance levels before running into another hurdle around $235.00.

ETH/BTC also followed a similar pattern and tested the 0.0340BTC resistance. The pair is currently consolidating and could either correct lower to 0.0320BTC or trade higher toward 0.0350BTC.

Ether Price Analysis Chart ETH Ethereum

Looking at the 2-hour chart of ETH/USD, the pair gained bullish momentum after it surpassed the $220.00 resistance. Ether surged higher and broke the $228.00 resistance plus the 50 Fibonacci retracement level of the last major slide from the $254.66 high to $203.56 low.

However, the price ran into another important resistance near $234.00-235.00. It represents the September 22 low and the 61.8 Fibonacci retracement level of the last major slide. More importantly, there is a bearish trendline in place with resistance at $234.00 on the same chart.

Ether’s price was rejected near $234.00 and declined sharply below $230.00. On the downside, there is a bullish trendline formed with support at $218.00. Moving up to the 6-hour chart of ETH/USD, the pair is forming a triangle pattern with resistance at $230.00 and support at $215.00.

Ethereum Price Forecast ETH

Therefore, the next move in Ether could be either above $234.00 or toward $215.00. Should Ether break the $234.00 resistance, it could rally toward the $250.00 zone. On the flip side, a downside break below the $215.00 support might push the price back toward $203.00.

The overall price action is positive as long as ETH/USD is trading above the $218.00 and $215.00 support levels.

6-hour MACD

The MACD is slowly moving into the bullish zone.

6-hour RSI

The RSI is currently just above the 50 level.

Important Support Levels

$218.00 and $215.00

Important Resistance Levels

$230.00 and $234.00

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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