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Ethereum Price Forecast: Ether Correcting Gains Toward Supports

By

Aayush

Jindal

Guest AnalystETHNews.com

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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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.