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Ethereum Price Forecast: Ether Consolidates, But Gains Seem Likely

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is preparing for the next move against the US dollar and bitcoin. ETH/USD is likely to make the next move above the $225.00 and $230.00 levels.

Key Highlights

Ether’s price remained confined in a tiny range above $220.00 against the US dollar.
ETH/USD is trading inside a crucial triangle with resistance at $223.00-225.00 on the 6-hour chart.
ETH/BTC is forming a consolidation pattern between 0.0330BTC and 0.0350BTC.

Technically, the 6-hour chart indicators are slowly recovering higher in the bearish territory.

Ether Price Analysis

During the past few sessions, there was no major move in ETH/USD, and the pair mostly traded in a tiny range above the $215.00 support level. On the upside, there are crucial resistances formed near $224.00, $225.00, and $230.00.

ETH/BTC is trading near the 0.0340BTC support, with a neutral bias. On the upside, the price has to break the 0.0350BTC resistance to move into a bullish zone. The key support for buyers is near the 0.0330BTC level.

Ethereum Price Analysis ETH

Looking at the 6-hour chart of ETH/USD, the pair seems to be preparing for the next major break either above the $230.00 level or below the $218.00 level since Ether is trading in a significant triangle.

The triangle is contracting and is about to pave the way for the next break, which could be above the $225.00 and $230.00 resistance levels. If Ether buyers gain momentum above the $230.00 resistance, the price is likely to accelerate upsides toward the $250.00 and $275.00 levels.

On the flip side, a downside break below the $220.00 and $218.00 support levels may possibly push the price back in a bearish zone. The next main supports are near the $210.00 and $205.00 levels.

Ether Price Analysis ETH

Dropping down to the 2-hour chart of ETH/USD, the pair is attempting a close above a major bearish trendline with resistance at $223.00. A successful close above the trendline is likely to increase chances of an upside break above the $230.00 resistance in the near term.

Overall, Ether’s price is set for the next wave either above $230.00 or below $218.00 in the coming sessions.

Important Resistance Levels

$225.00 and $230.00

Important Support Levels

$218.00 and $210.00

6-hour RSI

The RSI is moving higher toward the 40 level.

6-hour MACD

The MACD is slowly decreasing its bearish slope.

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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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.