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Ether Price Analysis
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Ethereum Price Forecast: Ether Correcting Gains Toward Supports





Ether’s price traded to new monthly highs against the US dollar and bitcoin. ETH/USD is currently correcting gains, but it remains well supported on the downside.

Key Highlights

Ether’s price traded further higher above $220.00 before correcting lower against the US dollar.
ETH/USD is approaching a major bullish trendline and support near $217.00 on the 2-hour chart.
ETH/BTC is currently consolidating gains above the 0.0330BTC level.

Technically, the 2-hour chart indicators are correcting lower in the bullish territory.

Ether Price Analysis

Yesterday, we discussed that ETH/USD is trading in a bullish zone and it could continue to move higher toward $220.00 or $225.00. The pair did climb higher and traded to a new monthly high at $223.86 before starting a downside correction.

ETH/BTC settled above the 0.0330BTC level and it is currently consolidating gains. The pair may correct a few points in the short term toward 0.0320BTC before it climbs higher once again.

Ether Price Analysis ETH Chart

Looking at the 30-minute chart of ETH/USD, the pair rallied above the $215.00 and $220.00 resistance levels. A new monthly high was formed at $223.89 and later the price corrected lower. Ether declined and traded below the $220.00 support and a bullish trendline.

The price even declined below the 23.6 percent Fibonacci retracement level of the recent upside from the $208.43 low to $223.89 high. However, there are two strong supports positioned near $217.00 and $215.00.

The 2-hour chart also indicates the importance of the $217.00 support and a bullish trendline around the same area. Therefore, Ether’s price is likely to bounce back above $220.00 as long as there is no 2-hour close below the $217.00 support.

Ethereum Price Analysis ETH

Should buyers gain pace above the $220.00 resistance, the price will most likely break the $223.89 high in the coming sessions. Conversely, a downside break below $217.00 could push the price toward the $215.00 support and the 50 percent Fibonacci retracement level of the recent upside.

The current technical structure on the 2-hour chart suggests a short term bearish wave before Ether starts a fresh upward move above $220.00.

Important Resistance Levels

$220.00 and $225.00

Important Support Levels

$217.00 and $215.00

2-hour RSI

The RSI is moving lower toward the 55 level.

2-hour MACD

The MACD is slowly reducing its bullish 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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