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Ethereum Price Forecast: Ether Responds To Key Slope Support

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is holding gains above $202.00 against the US dollar. ETH/USD could decline heavily if there is a break below the $200.00-$201.00 support.

Key Highlights

Ether’s price tested the $202.50 support area and recovered against the US dollar.
ETH/USD is struggling to gain momentum above the $204.00 and $206.00 resistances on the 6-hour chart.
ETH/BTC is stuck in a tiny range above the 0.0310BTC support level.

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

Ether Price Analysis

Yesterday, we saw an upward move above the $206.00 level, but ETH/USD failed to hold gains. The pair corrected lower and tested an important support area near the $202.50 level.

ETH/BTC extended its consolidation phase above the 0.0310BTC support level. If Ether buyers push the price above the 0.0318BTC and 0.0320BTC resistance levels, there could be an upside break in the near term.

Ether Price Analysis ETH

Looking at the hourly chart of ETH/USD, the pair declined from the $207.01 high and traded below the $204.00 level. Ether retested the $202.50 support and the previous broken bearish trendline at $202.00, which acted as a solid support.

The price started a fresh upward move and traded above the $203.00 level and the 23.6 Fibonacci retracement level of the recent decline from the $207.01 high to $201.77 low.

On the upside, there is a key resistance formed near the $204.00 level and the 50 Fibonacci retracement level of the recent decline. A break above the $204.00 and $205.00 resistances is needed for buyers to gain momentum in the near term.

Ethereum Price Analysis ETH

Moving up to the 6-hour chart of ETH/USD, the pair is attempting a close above a bearish trendline at $203.00. The recent upward move found sellers near another bearish trendline, with current resistance near $206.00.

Therefore, Ether’s price must break the $204.00, $205.00, and $206.00 levels to continue higher. To the downside, the $202.00 level is a decent support, followed by $201.00. However, the most important support awaits at $200.00, below which there could be heavy declines.

Important Resistance Levels

$204.00 and $206.00

Important Support Levels

$202.50 and $201.00

Hourly RSI

The RSI is currently just above the 50 level.

Hourly MACD

The MACD is slowly gaining pace in 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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