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Ethereum Price Forecast: Recoveries In Ether Remain Capped

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is currently trading above yesterday’s low against the US dollar. ETH/USD could correct higher, but upsides remain capped near $199.00 and $200.50.

Key Highlights

Ether’s price started consolidating losses above the $195.00 level against the US dollar.
ETH/USD is facing resistance near $197.00 and a bearish trendline on the 30-minute chart.
ETH/BTC is trading above the 0.0310BTC support with a few bearish signs.

Technically, the 2-hour chart indicators are slowly recovering in the bearish territory.

Ether Price Analysis

Yesterday, we saw a sharp decline below the important $200.50 support in ETH/USD. The pair traded as low as $194.32 and later started consolidating losses above the $195.00 level.

ETH/BTC continued to trade in a range above the 0.0310BTC support. The pair may soon make the next move either below 0.0310BTC or above 0.0318BTC in the near term.

Ether Price Analysis ETH

Looking at the 30-minute chart of ETH/USD, the pair recovered a few points from the $194.32 low. It traded above the $196.00 level but failed to stay above the 23.6 Fibonacci retracement level of the recent drop from the $204.80 swing to $194.32 low.

Ether’s price is currently struggling to break the $197.00 resistance and a bearish trendline on the same chart. Should buyers succeed in pushing the price above $197.50 and $198.00, there could be a test of $200.00.

An intermediate resistance is $199.00 and the 50 Fibonacci retracement level of the recent drop. However, the 2-hour chart of ETH/USD suggests that the previous support near $200.50 is the most important obstacle for buyers.

Ethereum Price Analysis ETH

There is also a major bearish trendline in place with resistance at $203.00. Therefore, recoveries in Ether above the $198.00 level are likely to face heavy selling interest near $199.00, $200.00, and $200.50.

On the downside, an initial support is near $195.00 and a bullish trendline on the 30-minute chart. If sellers regain strength, the price will most likely break the $194.32 low and resume its decline in the coming sessions. The next key support is $192.00, followed by $188.00.

Important Resistance Levels

$199.00 and $200.00

Important Support Levels

$195.00 and $192.00

2-hour RSI

The RSI is moving higher toward the 40 level.

2-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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