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Ethereum Price Forecast: Can Ether Buyers Keep The Recovery Going?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is recovering against the US dollar and bitcoin. ETH/USD may climb toward the $215.00 and $220.00 resistances in the coming days.

Key Highlights

Ether’s price found a strong support above $200.00 and later recovered against the US dollar.
ETH/USD could face heavy offers near a bearish trendline at $220.00 on the 12-hour chart.
ETH/BTC is slowly climbing toward the 0.0320BTC resistance.

Technically, the 12-hour chart indicators are showing recovery signs in the bearish territory.

Ether Price Analysis

This past week, we saw a solid upward move toward the $230.00 and $235.00 resistance levels in ETH/USD. However, the pair failed to gain momentum above $230.00, declined sharply, and finally tested an important support area around $200.00-203.00.

Similarly, ETH/BTC declined recently and tested the 0.0310BTC support area. The pair is currently consolidating losses and slowly recovering toward the 0.0320BTC and 0.0325BTC resistance levels.

Ethereum Price Analysis ETH

Let’s start with the 12-hour chart of ETH/USD to understand the recent rejection near the $230.00 resistance zone. The pair jumped sharply from the $190.00 support and rallied above the $215.00 and $220.00 levels, but it faced a strong barrier near the $230.00 zone.

More importantly, there are two crucial bearish trendlines in place, with resistance at $216.00 and $220.00 on the same chart. The pair is currently correcting higher after testing the $200.00 support area, but the bearish trendlines are likely to prevent further gains.

On the positive side, if Ether buyers gain momentum above $220.00 and break the $230.00 resistance, the price could move sharply higher toward $250.00 or $275.00. Conversely, a failure to clear the $220.00 resistance will most likely increase selling pressure on Ether below the $205.00 and $200.00 supports.

Ether Price Analysis ETH

Moving down to the 2-hour chart of ETH/USD, the pair breached a bearish trendline, with resistance at $205.00. However, the upward move was capped by the 23.6 Fibonacci retracement level of the last slide from the $232.25 high to $201.59 low.

Should Ether gain pace above the $208.00 and $210.00 levels, it could rise toward the $216.00 and $220.00 hurdles. On the downside, an immediate support is at $204.00, followed by the all-important $200.00 support area.

Weekly Resistance Levels

$210.00 and $216.00

Weekly Support Levels

$203.00 and $200.00

12-hour RSI

The RSI is slowly moving higher toward the 50 level.

12-hour MACD

The MACD is currently reducing its bearish slope.

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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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.