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Ethereum Price Forecast: Ether Signaling Positive Comeback

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is back in a positive zone against the US dollar and bitcoin. ETH/USD could recover further toward the $230.00 and $235.00 resistances.

Key Highlights

Ether’s price held the important $215.00 support against the US dollar.
ETH/USD traded higher and broke a major bearish trendline at $222.00 on the 2-hour chart.
ETH/BTC found support below the 0.0340BTC level and is currently consolidating.

Technically, the 2-hour chart indicators are moving higher toward midlines in the bearish territory.

Ether Price Analysis

Yesterday, we discussed the importance of the $215.00 support for ETH/USD. The pair found a strong buying interest above $215.00 and later started a fresh recovery above the $220.00 level.

ETH/BTC also found support below the 0.0340BTC level. Later, the pair started consolidating in a range, and it is currently trading nicely above the 0.0340BTC support.

Ethereum Price Forecast ETH

Looking at the 2-hour chart of ETH/USD, the pair found support near the key $215.00 level. A base was formed and Ether traded above the $220.00 resistance. More importantly, there was a break above a major bearish trendline at $222.00.

The price also surpassed the 23.6 percent Fibonacci retracement level of the recent decline from the $238.59 high to $215.99 low. It opened the doors for more recoveries, but Ether buyers are facing a lot of hurdles on the upside near the $230.00 and $235.00 resistances.

The 30-minute chart of ETH/USD suggests that the recent recovery faced resistance near the 50 percent Fibonacci retracement level of the recent decline at $237.00.

Ether price Analysis Chart

To the downside, there are many supports, starting with $222.00 and followed by the $220.00 pivot level. The most significant support awaits near $215.00, below which the price could dive further into the bearish zone.

On the flip side, Ether’s price must gain strength above the $227.00 and $230.00 resistance levels to extend the current recovery. Having said that, the $235.00 price zone is a major, medium-term, static resistance. A break above it could trigger stops and fuel upsides toward the $250.00 and $260.00 levels.

Important Resistance Levels

$230.00 and $235.00

Important Support Levels

$220.00 and $215.00

2-hour RSI

The RSI is moving higher toward the 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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