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Ethereum Price Forecast: Ether Testing Important Support

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is testing important supports against the US dollar and bitcoin. ETH/USD is likely to make the next move either above $205.00 or below $200.00.

Key Highlights

Ether’s price declined and tested the $200.00-203.00 support region against the US dollar.
An important triangle pattern is formed with resistance at $205.00 on the 6-hour chart of ETH/USD.
ETH/BTC is at risk of a downside break below the 0.0310BTC support.

Technically, the 6-hour chart indicators are showing negative signs in the bearish territory.

Ether Price Analysis

Yesterday, we discussed that ETH/USD could test the key support near $200.00-203.00 region. The pair did move down, tested the $200.00 support, and formed an intraday low at $201.59.

ETH/BTC slowly moved down toward the 0.0310BTC support. The pair seems to be struggling to recover, suggesting an increase in selling pressure for a break below the 0.0310BTC support.

Ether Price Analysis ETH


Starting with the 2-hour chart of ETH/USD, the pair broke a bullish trendline, with support at $209.00 to move into a bearish zone. Ether sellers took control, resulting in further slides toward the $200.00 support area.

The price traded as low as $201.59 and it is currently consolidating losses above $203.00. Should Ether decline below the $203.00 and $200.00 support, the price could move further into a bearish zone.

To the topside, there is a major bearish trendline in place, with current resistance at $210.00. However, the 6-hour chart of ETH/USD indicates that the pair is trading in an important triangle with support around $200.00 and resistance at $205.00.

Ethereum Price Forecast ETH

Therefore, the next key break in Ether could be either above $205.00 or below $200.00. In the bullish scenario, a successful close above $205.00 will most likely lift the market sentiment in favor of buyers.

On the flip side, a daily close below the $200.00 support might push the price toward the $190.00 or $180.00 support. Overall, a decent recovery above the $205.00 resistance followed by a break above the $210.00 barrier is needed for a rebound toward $220.00 and $225.00 in the near term.

Important Resistance Levels

$205.00 and $210.00

Important Support Levels

$203.00 and $200.00

6-hour RSI

The RSI is currently below the 40 level.

6-hour MACD

The MACD is gaining momentum 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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