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Ethereum Price Forecast: Ether Consolidating Above Key Supports

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is consolidating above key supports against the US dollar and bitcoin. ETH/USD is facing many hurdles near the $213.00 and $215.00 levels.

Key Highlights

Ether’s price traded in a range above the $203.00 support against the US dollar.
A crucial bullish trendline is formed with support at $200.00 on the 2-hour chart of ETH/USD.
ETH/BTC remained in a tight range above the 0.0310BTC support level.

Technically, the 2-hour chart indicators are slowly moving in the bearish territory.

Ether Price Analysis

During the past few sessions, ETH/USD traded in a range below the $220.00 resistance, with a slight bearish angle. The pair dipped toward the $208.00 support and formed a new intraday low at $207.50.

ETH/BTC traded in a tight range above the 0.0310BTC support. Buyers seem to be facing a lot of obstacles on the upside near the 0.0318BTC and 0.0320BTC, which could result in an extended decline toward 0.0300BTC.

Ether Price Analysis Chart

Starting with the 30-minute chart of ETH/USD, the pair recently struggled to settle above the $212.00-213.00 region. Later, there was a downward move and the price broke a bullish trendline at $211.00 and the $210.00 support.

There was a spike below the $208.00-208.50 support and the price traded as low as $207.50. Ether recovered above $208.50 and it is currently consolidating around $210.00. Should there be an upward move above $210.00, the price could test the $213.00 resistance.

An intermediate resistance is the 50 percent Fibonacci retracement level of the recent decline from the $215.26 high to $207.50 low at $211.00.

Etheeum Price Forecast

Moving up to the 2-hour chart of ETH/USD, a solid support is formed near the $200.00 and $203.00 levels. There is also a crucial bullish trendline in place, with support at $200.00 on the same chart.

Therefore, if Ether’s price continues to move down, it is likely to find a strong buying interest above the $200.00 support. To the topside, the key resistance is at $220.00, followed by the $230.00 hurdle.

In the short term, the price action is slightly bearish below $213.00. So, Ether could dip once again before a fresh upward move toward $220.00.

Important Resistance Levels

$215.00 and $220.00

Important Support Levels

$208.00 and $203.00

2-hour RSI

The RSI is about to move below the 50 level.

2-hour MACD

The MACD is losing momentum 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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