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Ethereum Price Forecast: Ether Sees Fresh Wave Of Buying

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is showing positive signs against the US dollar. However, ETH/USD must break the $201.00 and $202.50 resistances to place itself in a bullish zone.

Key Highlights

Ether’s price regained bullish momentum and traded above the $200.00 resistance against the US dollar.
ETH/USD is attempting a close above a major bearish trendline, with resistance at $201.00 on the 2-hour chart.
ETH/BTC is slowly moving higher toward the 0.0315BTC and 0.0316BTC resistances.

Technically, the 2-hour chart indicators recently moved into bullish territory.

Ether Price Analysis

During the past three sessions, there was a slow and steady rise in ETH/USD from the $199.00 support. The pair broke the $200.00 and $200.50 resistances, but it failed to clear the $201.20 zone.

ETH/BTC is climbing toward the 0.0315BTC and 0.0316BTC resistance levels. A convincing break above 0.0316BTC is required for a bullish break in the near term.

Ether Price Analysis Chart

Starting with the 30-minute chart of ETH/USD, the pair spiked above the $200.00 resistance and traded close to $201.20. Later, there was a downside correction, but dips were supported near the $199.00 level. Finally, there was a fresh upward move and the price settled above the $200.00 pivot level.

Ether traded as high as $201.23 recently and it is currently consolidating around the $200.00 level. On the downside, an initial support is near $200.00, below which there is a connecting bullish trendline at $199.50.

Should Ether fail to stay above the trendline, the price could revisit the $199.00 support. To the topside, a successful close above the $201.20 level could open the doors for more upsides.

Ethereum Price Forecast ETH

The 2-hour chart of ETH/USD indicates that the pair is attempting a close above a major bearish trendline with resistance at $201.00. If buyers succeed, the price is likely to gain bullish momentum toward the $202.50 and $205.00 resistance levels.

On the flip side, a bearish reaction is likely to find support near the $199.00 level or a bullish trendline, with support at $195.00 on the same chart. Overall, the current technical structure is positive as long as Ether’s price is above the $199.00 support level.

Important Resistance Levels

$201.00 and $202.50

Important Support Levels

$200.00 and $199.00

2-hour RSI

The RSI is currently moving higher toward the 60 level.

2-hour MACD

The MACD is back 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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