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Ethereum Price Forecast: Ether Remains At Risk Near $200

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price remains at risk of more losses against the US dollar and bitcoin. ETH/USD must stay above $200.00 to start a decent rebound in the near term.

Key Highlights

Ether’s price dipped to a new weekly at $200.55 and later recovered slightly against the US dollar.
A key bearish trendline is formed with resistance near $203.00 on the 2-hour chart of ETH/USD.
ETH/BTC is stuck in a tight range between 0.0310BTC and 0.0318BTC.

Technically, the 2-hour chart indicators are showing negative signs in the bearish territory.

Ether Price Analysis

Yesterday, ETH/USD failed to break the $206.00 resistance and started a fresh decline. The pair traded below the last swing low at $200.87 and traded to a new weekly low at $200.55.

ETH/BTC continues to trade in a tight range above the 0.0310BTC support. On the upside, an initial resistance is at 0.0315BTC followed by the range resistance at 0.0318BTC.

Ethereum Price Analysis ETH

Looking at the 2-hour chart of ETH/USD, the pair failed to break the $206.00 resistance and a key bearish trendline, with current resistance near $203.00. Ether declined below the $204.00 and $202.00 levels and traded as low as $200.55.

The price found support above the $200.00 level and later started a short-term correction. However, there are many barriers on the upside, starting with the bearish trendline at $203.00. A proper close above the trendline and $205.00 is required for buyers to gain bullish momentum in the near term.

Moving down to the 30-minute chart of ETH/USD, the pair is currently trading above $202.00 and the 38.2 Fibonacci retracement level of the last drop from the $205.71 high to $200.55 low.

Ether Price Analysis ETH

To the topside, there is a bearish trendline in place with resistance near $203.00 and the 50 Fibonacci retracement level of the last drop. Should Ether’s price settle above the $203.00 resistance, there could be a rebound toward $205.00 or $206.00.

The current market sentiment is short-term bearish unless Ether buyers succeed in pushing the price above the $203.00, $205.00, and $206.00 resistance levels. If buyers continue to fail, ETH/USD could drop sharply below $200.00.

Important Resistance Levels

$203.00 and $205.00

Important Support Levels

$201.00 and $200.00

2-hour RSI

The RSI is well below the 35 level.

2-hour MACD

The MACD is currently 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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