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Ethereum Price Forecast: Ether Rebound Reaches Crucial Juncture

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price corrected higher recently against the US dollar. The ETH/USD rebound is currently facing a tough resistance near the $213.00 level.

Key Highlights

Ether’s price recovered and traded above the $212.00 resistance against the US dollar.
ETH/USD tested a crucial bearish trendline, with resistance at $213.00 on the 2-hour chart.
ETH/BTC is currently consolidating near the 0.0330BTC level.

Technically, the 2-hour chart indicators are moving higher in the bearish territory.

Ether Price Analysis

In the weekly analysis, we discussed the key support at $207.00 for ETH/USD. The pair remained in a positive zone and slowly recovered above the $210.00 and $212.00 levels.

On the other hand, there were mostly range moves in ETH/BTC around the 0.0330BTC level. The pair needs to climb above 0.0335BTC to start a new upward move toward 0.0350BTC in the near term.

Ethereum Price Analysis ETH

Starting with the 2-hour chart of ETH/USD, the pair retested the $207.00-208.00 support recently and later recovered. It moved above the $212.00 level, but upsides were contained by a crucial bearish trendline, with current resistance at $213.00.

Should Ether surpass the trendline, it could open the gates for more upsides toward the $215.00 and $217.00 resistance levels. To the downside, the most important support awaits at $207.00, below which the price will most likely slide toward the $200.00 handle.

Moving down to the 30-minute chart of ETH/USD, the pair is showing positive signs above the $210.50 support, a bullish trendline, and the 50 percent Fibonacci retracement level of the recent upside from the $208.23 low to $213.15 high.

Ether Price Analysis Chart

To rebound further, the price must break the $213.00 resistance and a short-term bearish trendline on the same chart. On the flip side, a decisive break below $210.50 may push the price toward the $208.00 support.

To sum up, the 2-hour chart suggests that Ether’s price is preparing for the next break either above the $213.00 resistance or below the $207.00 support in the coming sessions. An upside break above $213.00 could lift the market sentiment for further gains toward $217.00. Conversely, a downside break below $207.00 might put sellers in control.

Important Resistance Levels

$213.00 and $215.00

Important Support Levels

$210.50 and $207.00

2-hour RSI

The RSI is currently rising toward the 50 level.

2-hour MACD

The MACD is about to move into 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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