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Ethereum Price Forecast: Ether Poised To Break The Recent Range

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is poised to break the recent range against the US dollar. ETH/USD could surge toward $250.00 after it breaks the $230.00 resistance.

Key Highlights

Ether’s price is holding key supports above the $220.00 level against the US dollar.
ETH/USD may soon break a significant symmetric triangle, with resistance at $230.00 on the 12-hour chart.
ETH/BTC needs to surpass the 0.0350BTC resistance for more gains in the near term.

Technically, the 12-hour chart indicators are currently flat above midlines in the bullish territory.

Ether Price Weekly Analysis

During the past few days, ETH/USD mostly traded in a broad range above the $200.00 pivot level. There were several lower highs and higher lows formed, indicating a breakout pattern.

ETH/BTC also moved higher and settled above the 0.0340BTC support. The pair could continue to move higher toward the 0.0350BTC resistance in the short term.

Ethereum Price Analysis ETH

Let’s start with the 12-hour chart of ETH/USD to understand the current range pattern above the $220.00 support. The pair seems to be trading in a significant symmetric triangle, with resistance at $230.00. The price recently traded toward the $250.00 level, but it failed to gain momentum.

There was a failure noted near the 61.8 percent Fibonacci retracement level of the last decline from the $302.26 high to $167.73 low. Later, the price started trading in a contracting range, with current resistance at $230.00 and support near $220.00.

Should Ether break the triangle resistance and settle above $230.00, there could be more upsides toward the $250.00 swing high and the $275.00 resistance.

On the other hand, a bearish break below the $220.00 support may well clear the path for sellers to take control. The next key supports are positioned near $215.00 and $195.00.

Ether Price Analysis Chart

Dropping down to the 2-hour chart of ETH/USD, the pair broke a bearish trendline at $225.00 and spiked above the $230.00 level. However, Ether’s price failed to stay above $230.00 and declined toward a bullish trendline with support at $223.00.

A successful break below the trendline support could increase bearish pressure on Ether below $220.00. On the flip side, Ether buyers need to take charge above the $230.00 and $235.00 resistances in the coming days.

Weekly Resistance Levels

$230.00 and $250.00

Weekly Support Levels

$220.00 and $215.00

12-hour RSI

The RSI is just above the 50 level.

12-hour MACD

The MACD is currently flat near midlines.

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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