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Ethereum Price Forecast: Ether Remains Supported On Dips

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price could find support if it declines against the US dollar and bitcoin. ETH/USD must stay above $88.00 to climb higher in the near term.

Key Highlights

Ether’s price is holding the key support at $88.00 against the US dollar.
There are major hurdles formed near $92.80 and $98.00 on the 2-hour chart of ETH/USD.
ETH/BTC is slowly moving higher toward the 0.0270BTC resistance level.

Technically, the 2-hour chart indicators are struggling to move into the bearish territory.

Ether Price Analysis

During the past three sessions, there were mostly range moves above the $88.00 support in ETH/USD. The pair recently retreated from the $92.82 high, but it stayed above the key $88.00 support.

ETH/BTC formed a support base near 0.0260BTC and is currently recovering toward the 0.0265BTC and 0.0270BTC resistance levels. On the downside, supports are at 0.0260BTC and 0.0258BTC.

Ethereum Price Analysis ETH Chart

Starting with the 2-hour chart of ETH/USD, there are a few positive signs above the $88.00 support and a crucial bullish trendline. However, there are many hurdles on the upside, starting with $92.50 and a bearish trendline.

Should Ether break the bearish trendline, it could climb toward the $95.00 level and the 50 percent Fibonacci retracement level of the drop from the $102.32 high to $87.36 low. However, the key resistance is near the $98.00 and $100.00 levels, above which the price will most likely enter a decent uptrend.

Moving down to the 30-minute chart of ETH/USD, the pair recently broke a bearish trendline at $90.00, opening the doors for an upside push. To the topside, there is a strong barrier formed near the $92.20 and $92.80 levels.

Ether Price Analysis ETH Chart

On the downside, an initial support is at $90.00 and a bullish trendline on the same chart. The main support is at $88.00, below which there is a risk of a sharp decline toward $82.00 or even $80.00.

Overall, the 2-hour chart shows that Ether keeps holding above a mild bullish 20 SMA and the bullish trendline, which is positive in the short term.

Important Resistance Levels

$92.80 and $95.00

Important Support Levels

$90.00 and $88.00

2-hour RSI

The RSI is stable near the 45 level.

2-hour MACD

The MACD is currently flat 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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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.