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Ethereum Price Forecast: Ether Consolidating Above $200

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price started consolidating losses against the US dollar and bitcoin. ETH/USD could recover toward $210.00 as long as there is no close below $200.00.

Key Highlights

Ether’s price started consolidating losses above the $200.00-203.00 support against the US dollar.
ETH/USD broke a bearish trendline with resistance at $204.00 on the hourly chart.
ETH/BTC is trading in a range above the key 0.0310BTC support.

Technically, the hourly chart indicators are slowly moving higher in the bearish territory.

Ether Price Analysis

Yesterday, ETH/USD tested an important support area near $200.00-203.00. Later, the pair started consolidating loses and is currently trading with a positive bias.

ETH/BTC remained confined in a tight range since buyers managed to protect losses below the 0.0310BTC support. As long as the price is above 0.0310BTC, there is a chance for a decent recovery in the near term.

Ether Price Analysis ETH

Looking at the hourly chart of ETH/USD, the pair found a strong buying interest near the $200.00-203.00 support. A low was formed at $201.59, and later the price started consolidating in a range, with a bullish angle.

Ether’s price traded higher and broke a bearish trendline with resistance at $204.00 and the 23.6 Fibonacci retracement level of the recent decline from the $211.84 high to $201.59 low. However, the price struggled to settle above the $205.00-206.00 zone.

It seems there is a range forming between $202.00-206.00. Should Ether break the range resistance, it could recover further toward the $210.00 resistance or $211.84 high. An intermediate resistance is the 50 Fibonacci retracement level of the recent decline.

Ethereum Price Analysis ETH

Conversely, a downside break below the range support will most likely increase chances of more losses below the $200.00 support. The 4-hour chart suggests that Ether is heading toward the next break either above $205.00 or below $200.00.

The current technical structure is positive on the hourly chart, indicating a push above the $205.00 and $206.00 levels in the coming sessions. However, if buyers fail to gain bullish momentum above $206.00, there is a risk of a fresh decline.

Important Resistance Levels

$205.00 and $210.00

Important Support Levels

$203.00 and $200.00

Hourly RSI

The RSI is currently near the 45 level.

Hourly MACD

The MACD is about to move into 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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