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Ethereum Price Forecast: Ether’s Bounce In The Cards

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is holding the key $200.00 support against the US dollar. ETH/USD is likely to bounce as long as there is no daily close below $200.00.

Key Highlights

Ether’s price volatility drops to multi-month lows against the US dollar.
ETH/USD is following a bearish structure, with strong support at $200.00 on the 12-hour chart.
ETH/BTC traded in a tight range above the 0.0310BTC support level.

Technically, the 12-hour chart indicators are flat with neutral signs in the bearish territory.

Ether Price Analysis

During the past few days, ETH/USD traded in a tight range with a bearish angle toward the $200.00 support. The pair is stuck in a tight range of around $5.00 above $200.00.

Similarly, ETH/BTC remained in a tight range with supports at 0.0312BTC and 0.0310BTC. On the upside, buyers need to clear the 0.0318BTC and 0.0320BTC resistance levels to push the price in a positive zone.

Ethereum Price Analysis ETH

Let’s start with the 12-hour chart of ETH/USD to understand this past week’s price action below the $210.00 and $208.00 resistance levels. The pair declined slowly from well above the $220.00 resistance and traded below the $208.00 level.

The decline was such that the price traded close to the $200.00 support and formed a low at $200.55. Later, Ether started trading in a tight range with support at $200.00 and resistance around the $206.00 level.

To the topside, there are two important bearish trendlines in place with resistance at $206.00 and $208.00. A successful break above these trendlines is required for Ether buyers to take control for an upward move toward the $210.00 and $220.00 levels.

Ether Price Analysis ETH

Dropping down to the 2-hour chart of ETH/USD, the pair seems to be stuck in a tight range above the $200.00 support. An initial resistance is near the $204.00 level followed by $206.00.

On the downside, there is a strong support formed near the $202.00 and $201.00 levels. As long as Ether’s price is trading above these supports and $200.00, it could bounce back above $204.00 and $206.00 in the coming days.

On the flip side, if ETH/USD settles below the $200.00 support, there could be more bearish moves toward the $190.00 level or the $187.00 low.

Weekly Resistance Levels

$204.00 and $206.00

Weekly Support Levels

$201.00 and $200.00

12-hour RSI

The RSI is currently flat near the 40 level.

12-hour MACD

The MACD is slowly 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.