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Ethereum Price Forecast: Ether Eyes Last Line Of Defense

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is moving with a bearish angle against the US dollar and bitcoin. ETH/USD could test the $203.00 support before an upward move.

Key Highlights

Ether’s price is moving lower toward the $203.00 support against the US dollar.
Key hurdles for buyers are near $209.00 and $212.00 on the 30-minute chart of ETH/USD.
ETH/BTC is under pressure and it could decline below the 0.0310BTC.

Technically, the 2-hour chart indicators are gaining momentum in the bearish territory.

Ether Price Analysis

ETH/USD failed to climb higher toward the $215.00 and $220.00 resistances. The pair slowly moved south and struggled to hold the $208.50 and $208.00 support levels.

ETH/BTC is also under pressure and it seems like it could continue to move down below the 0.0310BTC support. The next key support is near the previous low at 0.0303BTC.

Ethereum's Ether ETH

Looking at the 30-minute chart of ETH/USD, the pair struggled to move higher above the $212.00 level and started a downward move. Ether sellers succeeded in pushing the price below the $209.00 and $208.50 support levels.

The price tested the last swing low at $207.50 and it is currently trading with a bearish angle. Should Ether settle below the $207.50 low, the price could continue to move down toward the main support at $203.00.

On the upside, an initial resistance is around $209.00 and a bearish trendline on the same chart. However, the key resistance is around $212.00 and another bearish trendline.

Ethereum Price Analysis ETH

The 2-hour chart of ETH/USD is indicating an increase in selling pressure below the $210.00 level. The pair is about to break the recent range support to extend losses toward the next major support at $203.00 and a bullish trendline.

The short term price action is turning bearish below $210.00 and $212.00, but as long as Ether’s price is above the $200.00 handle, it could bounce back. Conversely, if sellers gain strength below the $203.00 and $200.00 support levels, the price will most likely drop sharply toward the $185.00 support.

Important Resistance Levels

$210.00 and $215.00

Important Support Levels

$203.00 and $200.00

2-hour RSI

The RSI is currently below the 45 level.

2-hour MACD

The MACD is now placed in the bearish 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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