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Ethereum Price Forecast: Ether Could Extend Declines Below $207

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price declined further against the US dollar and bitcoin. ETH/USD is likely approaching the next break either above $212.00 or below $207.00.

Key Highlights

Ether’s price failed to break the $213.00 resistance and declined against the US dollar.
A significant breakout pattern is forming with resistance at $212.00 and support at $207.00 on the 2-hour chart.
ETH/BTC declined below the 0.0330BTC support level to start a downside correction.

Technically, the 2-hour chart indicators retreated from midlines and moved lower in the bearish territory.

Ether Price Analysis

Yesterday, we discussed the importance of the $213.00 resistance for ETH/USD. The pair failed to surpass the $212.00 and $213.00 resistance levels, resulting in a fresh decline.

ETH/BTC also failed to hold gains above the 0.0330BTC support level and started a downside correction. The pair could continue to move down toward the key support at 0.0325BTC.

Ether Price Analysis Chart

Starting with the 30-minute chart of ETH/USD, the pair topped around the $213.00 resistance and traded lower. It broke the $210.00 support and traded close to the $208.00 support. A low was formed at $208.14, and later the price corrected higher.

However, the upward move was capped by the $210.00 level (the previous support). More importantly, there is a major declining channel in place, with current resistance at $209.80 on the same chart.

Ethereum Price ETH Ether

Ether buyers need to push the price above the channel resistance and $210.00 to start a decent rebound. If not, there is a risk of more losses below the recent low and the $208.00 support. The main support on the downside is at $207.00, below which the price will most likely revisit the $200.00 support.

The 2-hour chart indicates a significant breakout pattern, with current resistance near a bearish trendline and $212.00. Therefore, a break above the trendline is a must for a solid upward move above the $215.00 level.

Conversely, if Ether’s price fails to surpass the $212.00 and $213.00 resistances, there could be an extended decline below the $207.00 support in the coming sessions.

Important Resistance Levels

$210.00 and $212.00

Important Support Levels

$208.00 and $207.00

2-hour RSI

The RSI is moving lower toward the 30 level.

2-hour MACD

The MACD is gaining strength in the 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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