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Ethereum Price Forecast: Ether Testing Crucial Confluence Area

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is attempting a significant bullish break against the US dollar. ETH/USD needs to settle above $202.00 to gain bullish momentum in the near term.

Key Highlights

Ether’s price traded higher and tested $203.00 against the US dollar.
ETH/USD is testing a major confluence area near $201.00-202.00 on the 6-hour chart.
ETH/BTC is indicating an upward move toward the 0.0316BTC resistance.

Technically, the hourly chart indicators are moving lower toward midlines in the bullish territory.

Ether Price Analysis

After settling above the $200.00 resistance, ETH/USD traded further higher. The pair broke the $201.00 resistance and traded toward the $202.50 and $203.00 resistance levels.

ETH/BTC remained above the 0.0312BTC level, and it seems like the pair may continue to move higher toward the 0.0315BTC and 0.0316BTC resistance levels, which are major hurdles for buyers.

Ether Price Analysis ETH Chart

Looking at the hourly chart of ETH/USD, the pair climbed higher, with a bullish angle, from the $192.69 low. It broke a few key resistances near the $197.50 and $200.00 levels. Ether traded as high as $203.00 and is currently correcting lower.

The price is testing an important support area above $200.00 and a bullish trendline on the same chart. The 23.6 Fibonacci retracement level of the recent upward move from the $192.69 low to $203.00 high is also around $200.00.

Should Ether buyers fail to defend the $200.00 support area, the price is likely to decline further toward the $197.50 support and the 50 Fibonacci retracement level of the recent upward move.

Ethereum Price ETH

Moving up to the 6-hour chart of ETH/USD, the pair is currently testing a major confluence area near $201.00-202.00 and two bearish trendlines. A successful 4-hour and 6-hour close above $202.00 is a must to stage a solid upward move in the near term.

Conversely, a failure to close above both bearish trendlines could trigger a fresh decline in Ether’s price. To the downside, the most important support awaits near $195.00, below which sellers will most likely take the price toward a fresh low below $192.69.

Important Resistance Levels

$201.00 and $202.00

Important Support Levels

$200.00 and $197.50

Hourly RSI

The RSI is currently moving lower toward the 50 level.

Hourly MACD

The MACD is placed nicely 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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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.