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Ethereum Price Forecast: Ether Closing In Toward Next Break

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is likely approaching the next key break against the US dollar and bitcoin. ETH/USD is facing an uphill task near the $203.00 and $210.00 resistances.

Key Highlights

Ether’s price failed to hold gains above $200.00-201.00 and declined against the US dollar.
ETH/USD failed to settle above a crucial bearish trendline at $203.00 on the 12-hour chart.
ETH/BTC continued to trade in a tight range above the 0.0310BTC support.

Technically, the 12-hour chart indicators are accelerating declines in the bullish territory.

Ether Price Weekly Analysis

During the past three days, there was a slow a steady rebound in ETH/USD from the $190.00 support area. The pair traded above the $200.00 resistance, but it failed to surpass the $202.00-203.00 resistance zone.

More importantly, ETH/BTC extended its range moves above the 0.0310BTC support and below the 0.0318BTC resistance. The current range has been in place for more than two weeks, which could result in a massive break in the coming days.

Ethereum Price Analysis ETH

Let’s start with the 12-hour chart of ETH/USD to understand the recent rebound and failure to break the $203.00 resistance. This past week, the pair declined and tested the $192.00 support area. Later, there was a solid rebound above the $197.50 and $200.00 resistance levels.

Ether also moved above the $202.00 resistance and a major bearish trendline on the same chart. However, the price failed to stay above the trendline resistance, resulting in a false upside break.

It seems like there is a strong resistance formed near $202.00-203.00, above which there is another bearish trendline at $210.00. Therefore, Ether buyers are facing a lot of hurdles near the $202.00, $203.00, $205.00, and $210.00 levels.

Dropping down to the 2-hour chart of ETH/USD, the pair declined recently and broke the $200.00 support plus a bullish trendline at $199.00. In addition, the price broke the 23.6 Fibonacci retracement level of the last wave from the $192.69 low to $202.99 high.

Ether Price Analysis ETH

It opened the doors for more losses, and the price may perhaps decline toward $197.50. Should there be more declines in Ether, the price could retest the $195.00 or $192.00 support.

Overall, Ether’s price is preparing for the key break either above $203.00 or below $192.00 in the near term. A bearish break is likely to clear the path for a push toward the $180.00 level. 

Weekly Resistance Levels

$203.00 and $210.00

Weekly Support Levels

$195.00 and $192.00

12-hour RSI

The RSI is currently well below the 35 level with a bearish angle.

12-hour MACD

The MACD is gaining pace in the bearish 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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