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Ethereum Price Forecast: Ether Testing Important Support

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price traded to new weekly lows against the US dollar and bitcoin. ETH/USD must hold the $215.00 support to recover in the coming sessions.

Key Highlights

Ether’s price declined below the $220.00 support against the US dollar.
ETH/USD is trading near a significant support area at $215.00-218.00 on the 6-hour chart.
ETH/BTC failed to break the 0.0350BTC resistance and declined recently.

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

Ether Price Analysis

After a long struggle to settle above the $230.00 and $235.00 resistance levels, ETH/USD reacted to the downside. The pair declined and broke a couple of key supports near $222.00 and $220.00.

ETH/BTC also struggled to gain bullish momentum above 0.0350BTC. The pair moved below 0.0340BTC and could test the next major support at 0.0320BTC in the short term.

Ethereum Price Forecast ETH

Starting with the 6-hour chart of ETH/USD, the pair failed to break the previous important support-turned-resistance at $235.00. During the past few sessions, there was a slow and steady decline from the $238.59 swing high, and the price surpassed the $220.00 support.

There was also a break below the 38.2 percent Fibonacci retracement level of the upward move from the $192.51 low to $238.59 high. Currently, Ether’s price is attempting a close below two crucial bullish trendlines at $215.00.

If sellers succeed in pushing the price below $215.00, there could be more losses toward the $200.00 pivot level. To the topside, there is a bearish trendline in place, with resistance at $230.00 on the same chart.

Ether Price Analysis Chart ETH

Dropping down to the 2-hour chart of ETH/USD, the pair is following a declining channel, with current resistance at $225.00. On the downside, the $215.00 support and the 50 percent Fibonacci retracement level of the upward move hold the key for further slides toward the $210.00 and $200.00 levels.

Overall, the bearish recent moves in Ether are indicating an increase in selling pressure below $230.00. To recover, buyers need to keep the price above the $215.00 support. 

Important Resistance Levels

$225.00 and $230.00

Important Support Levels

$215.00 and $210.00

6-hour RSI

The RSI is moving lower toward the 30 level.

6-hour MACD

The MACD is gaining strength 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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