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Ethereum Price Forecast: Dips in Ether Remain Attractive

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price remains well supported above $200.00 and $203.00 against the US dollar. ETH/USD must break $215.00 to move higher toward $230.00.

Key Highlights

Ether’s price is holding key supports above $200.00 against the US dollar.
ETH/USD needs to clear a major bearish trendline at $215.00 on the 2-hour chart to gain momentum.
ETH/BTC is slowly moving higher toward the 0.0320BTC resistance level.

Technically, the 6-hour chart indicators are currently near midlines in the bullish territory.

Ether Price Analysis

Yesterday, we saw an upward move above the $220.00 and $225.00 resistances in ETH/USD. The pair tested the $230.00 resistance zone and declined back below $220.00 and $215.00.

ETH/BTC seems to be forming a decent support base above the 0.0310BTC, and it is moving higher toward the 0.0320BTC resistance to attempt an upside break.

Ethereum Price Analysis ETH

Looking at the 6-hour chart of ETH/USD, the pair retreated from the $230.00 resistance. More importantly, a crucial bearish trendline, with current resistance at $229.00 prevented further gains.

Ether started a downside correction, declined below $220.00, and tested the 50 percent Fibonacci retracement level of the upward move from the $187.00 low to $232.25 high. Additionally, the price tested the previous channel resistance at $208.00, which is currently acting as a support.

Dropping down to the 2-hour chart of ETH/USD, the pair clearly struggled to settle above a key bearish trendline, with current resistance at $215.00. Should Ether’s price slide below the $210.00 and $208.00 supports, it could test the next important support at $203.00.

Ether Price Analysis ETH

There is also a bullish trendline in place at $198.00 on the same chart. Therefore, dips in ETH/USD from the current levels are likely to find a strong buying interest near $208.00 or $203.00.

To the topside, buyers need to surpass the bearish trendline at $215.00 to push the price toward $220.00 and $225.00. However, the price must break the all-important $230.00 resistance to start a major upward move in the near term.

Overall, the current price action suggests range moves above $208.00 before Ether makes the next move either above $215.00 or toward $203.00.

Important Resistance Levels

$215.00 and $220.00

Important Support Levels

$208.00 and $203.00

6-hour RSI

The RSI is presently near the 52 level.

6-hour MACD

The MACD is currently flat in 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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