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Ethereum Price Forecast: Ether At Risk Of Bearish Reaction

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is struggling to gain bullish momentum against the US dollar and bitcoin. ETH/USD could correct lower toward $220.00 in the short term.

Key Highlights

Ether’s price failed to settle above the $235.0 resistance against the US dollar.
A major support is formed near $220.00 on the 2-hour chart of ETH/USD.
ETH/BTC is slowly correcting lower toward the 0.0340BTC support.

Technically, the 2-hour chart indicators are moving lower toward midlines in the bullish territory.

Ether Price Analysis

There was an upward move in ETH/USD above the $235.00 resistance. However, the pair failed to gain momentum, resulting in yet another rejection near the $235.00-236.00 area.

Similarly, ETH/BTC started a fresh downside correction and declined below 0.0350BTC. It may continue to move down toward the 0.0340BTC and 0.0335BTC support levels in the coming sessions.

Ethereum Price Analysis ETH

Starting with the 2-hour chart of ETH/USD, the pair traded to a new weekly high at $238.59 and later started a downward move. Ether declined below the $230.00 level and breached the 23.6 percent Fibonacci retracement level of the recent wave from the $203.56 low to $238.59 high.

The current price action on the same chart indicates that the $235.00 resistance is a strong barrier for Ether buyers. An immediate support is at $225.00, below which the price could continue to move down toward the important support at $220.00.

There is also a bullish trendline in place with support near $219.00 and the 50 percent Fibonacci retracement level of the recent wave. Moving down to the 30-minute chart of ETH/USD, the pair is currently trading near the $225.00 support.

Ether Price Analysis ETH Chart

To the topside, there are two key bearish trendlines formed, with resistance around $230.00. Should Ether’s price break these trendlines, it could revisit the $235.00-236.00 resistance area.

Overall, the current technical bias is slightly bearish below $230.00. In the short term, the price may well decline toward the $220.00 support unless buyers take control and place Ether above the $238.59 high.

Important Resistance Levels

$230.00 and $235.00

Important Support Levels

$225.00 and $220.00

2-hour RSI

The RSI is about to break the 50 level.

2-hour MACD

The MACD is slowly moving 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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