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Ethereum Price Forecast: Ether Holding Key Supports

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is holding key supports against the US dollar and bitcoin. ETH/USD must break the $220.00 and $223.00 resistances for a fresh bullish wave.

Key Highlights

Ether’s price corrected lower and tested the important $207.00-208.00 support zone against the US dollar.
ETH/USD is facing a major resistance near $223.00 and two bearish trendlines on the daily chart.
ETH/BTC is placed nicely in a bullish zone above the 0.0325BTC support area.

Technically, the daily chart indicators are just above midlines in the bullish territory.

Ether Price Weekly Analysis

This past week, there was a solid upward move above the $215.00 resistance in ETH/USD. The pair traded above $220.00, formed a new monthly high at $223.86, and later started a downside correction.

ETH/BTC also gained bullish momentum and surpassed the 0.0320BTC and 0.0325BTC resistances. The pair is currently consolidating near 0.0330BTC and could continue to move higher.

Ethereum Price Analysis ETH

Let’s start with the daily chart of ETH/USD to understand the recent upward move toward the $225.00 level. The pair formed a solid support near $192.00 and climbed above the $207.00 and $215.00 resistance levels.

Ether moved above a major bearish trendline at $202.00 and traded close to the $225.00 resistance. However, the upward move was capped by two bearish trendlines, with current resistance at $223.00. The price is currently correcting lower and is trading above the $207.00 support.

There is also a crucial bullish trendline in place on the same chart, with support at $198.00. Therefore, dips toward the $207.00 and $200.00 levels are likely to find a strong buying interest.

To the topside, Ether’s price must surpass both bearish trendlines and the $225.00 barrier to resume its uptrend. Dropping down to the 2-hour chart of ETH/USD, the pair seems to be following a connecting bearish trendline, with current resistance at $213.00.

Ether Price Analysis Chart ETH

A successful break above the trendline and $215.00 could push the price toward the $223.00 resistance zone, above which there are possibilities of a sharp upward move toward $230.00 and $240.00.

Overall, Ether is trading above the key $207.00 support and it could soon attempt to climb above the $213.00 and $215.00 resistance levels in the coming sessions. If buyers fail, the price may drop to $207.00 or even $200.00.

Weekly Resistance Levels

$215.00 and $223.00

Weekly Support Levels

$207.00 and $200.00

Daily RSI

The RSI is currently flat near the 45 level.

Daily MACD

The MACD is slightly placed 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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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.