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Ethereum Price Forecast: Can Ether Buyers Keep Recovery Going?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is showing recovery signs against the US dollar and bitcoin. ETH/USD could rebound further toward the $215.00 and $217.00 resistances.

Key Highlights

Ether’s price found support near $207.00-208.00 and later recovered against the US dollar.
ETH/USD traded above a crucial declining channel with resistance at $210.00 on the hourly chart.
ETH/BTC is currently consolidating around the 0.0330BTC level and could bounce back.

Technically, the hourly chart indicators are about to move back into the bullish territory.

Ether Price Analysis

Yesterday, we saw a few bearish moves in ETH/USD below the $212.00 support. The pair declined below the $210.00 support and later found a strong buying interest near the $207.00-208.00 zone.

Ethereum's Ether Price Analysis Chart

ETH/BTC started a downside correction recently and traded below the 0.0330BTC level. The pair settled near the 0.0326BTC level and later recovered a few points. Ether is correcting, consolidating near 0.0330BTC, and it may move back up versus bitcoin in the short term.

Looking at the hourly chart of ETH/USD, the pair followed a bearish path from the $223.86 swing high and traded below the $220.00 and $215.00 support levels. The price even traded below the $212.00 and $210.00 supports before buyers appeared near the $207.00-208.00 zone.

The price formed a decent support base near $208.00 and the 50 percent Fibonacci retracement level of the upward move from the $192.69 low to $223.86 high.

Later, Ether’s price started a decent rebound and buyers pushed the price above the $210.00 level and a crucial declining channel on the same chart. The price is currently trading around the $212.00 resistance and the 23.6 percent Fibonacci retracement level of the recent slide from the $223.86 high to $207.92 low.

Ethereum Price Forecast ETH

Should Ether continue to recover, the price may climb toward the $215.00 resistance and the 50 percent Fibonacci retracement level of the recent slide. The 6-hour chart of ETH/USD also indicates that there is a significant hurdle for buyers near the $215.00 and $217.00 levels.

In the short term, it seems like Ether could rebound toward $215.00 and any dip from here is likely to find a solid support near the $210.00 and $208.00 levels.

Important Resistance Levels

$215.00 and $217.00

Important Support Levels

$210.00 and $208.00

Hour RSI

The RSI is currently hovering near the 50 level.

Hour MACD

The MACD is about to move back 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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