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Ethereum Price Forecast: Ether Turns Short-Term Bearish

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price moved into a short-term bearish zone against the US dollar and bitcoin. ETH/USD may consolidate near $207.00 support before its next move.

Key Highlights

Ether’s price declined further and traded below the $213.00 support level against the US dollar.
ETH/USD is following a major declining channel with resistance at $212.00 on the 2-hour chart.
ETH/BTC declined below the 0.0330BTC support level to start a downside correction.

Technically, the 6-hour chart indicators are currently hovering near midlines in the bullish territory.

Ether Price Analysis

Yesterday, we discussed that ETH/USD started a major downside correction toward the $210.00 and $207.00 support levels. The pair did extend the recent decline and traded below the $210.00 support.

Similarly, there was a fresh bearish wave in ETH/BTC below the 0.0330BTC support level. The pair could decline toward the 0.0325BTC support, which is likely to act as a strong barrier for sellers.

Ethereum Price Analysis ETH

Starting with the 6-hour chart of ETH/USD, the pair failed to settle above $220.00 and later started a downside correction. It declined below the $218.00, $215.00, and $213.00 support levels to move into a short-term bearish zone.

During the decline, the price also traded below the 23.6 percent Fibonacci retracement level of the recent recovery from the $192.69 low to $223.86 high. However, the price is now approaching a significant support near $207.00 and a bullish trendline on the same chart.

More importantly, the 50 percent Fibonacci retracement level of the recent recovery is close to the $207.00 support. Therefore, Ether buyers are likely to put up a strong fight around the $207.00 and $207.50 supports.

Ether Price Analysis ETH

Should sellers succeed in surpassing the $207.00 support, the price could revisit the $200.00 support area. Conversely, if buyers gain control, the price may climb back above the $212.00 and $215.00 resistance levels in the near term.

Dropping down to the 2-hour chart, ETH/USD is following a major declining channel with resistance at $212.00. A successful close above the channel resistance could push the price toward $215.00.

Overall, Ether must hold the $207.00 support and bounce back above $212.00 and $213.00 to move back in a positive zone.

Important Resistance Levels

$212.00 and $215.00

Important Support Levels

$208.00 and $207.00

6-hour RSI

The RSI has reached the neutral (50) level.

6-hour MACD

The MACD is currently flat 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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