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Ethereum Price Forecast: Ether At Potentially Key Turning Point

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price extended its decline against the US dollar. ETH/USD is currently trading near key supports and could bounce back if there is a break above $218.00.

Key Highlights

Ether’s price extended the recent downside correction below $217.00 against the US dollar.
ETH/USD traded below a key bullish trendline and support around $217.00 on the 2-hour chart.
ETH/BTC is currently struggling to stay above the 0.0330BTC level.

Technically, the 2-hour chart indicators are currently near midlines in the bullish territory.

Ether Price Analysis

During the past three sessions, there were a few bearish moves in ETH/USD below the $220.00 level. The pair extended the recent downside correction and traded below the $217.00 and $215.00 supports.

ETH/BTC also declined a few points and is currently struggling to stay above the 0.0330BTC level. It seems like the pair may slide toward the 0.0325BTC support, where buyers are likely to emerge.

Ether Price Analysis ETH Chart

Starting with the 2-hour chart of ETH/USD, the pair declined below the $217.00 support and a key bullish trendline. Sellers were successful in pushing the price below the $215.00 support and the 23.6 percent Fibonacci retracement level of the last upside from the $198.74 low to $223.86 high.

Ether traded as low as $213.74 and is currently consolidating near $215.00. On the downside, there are a few supports such as $213.00, $210.00, and the 50 percent Fibonacci retracement level of the last upside.

Should sellers push the price below the $210.00 support, the main support at $207.00 is likely to act as a strong barrier. Moving down to the 30-minute chart of ETH/USD, the pair needs to clear a bearish trendline, with resistance at $217.00, to move into a positive zone.

Ethereum Price Analysis ETH

If Ether’s price settles above $217.00-218.00, buyers are likely to gain bullish momentum. The next major resistance is near the $220.00 level, above which the price may revisit the $223.86 high.

Overall, ETH/USD started a substantial downside correction and is now approaching key supports, including $210.00 and $207.00.

Important Resistance Levels

$217.50 and $220.00

Important Support Levels

$213.00 and $210.00

2-hour RSI

The RSI is currently flat near the 50-52 zone.

2-hour MACD

The MACD is about to move into a 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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