Ethereum Price Forecast: Ether Upsides Remain Capped

Ether’s price declined further against the US dollar and bitcoin. ETH/USD is slowly rebounding, but it is facing many hurdles near $200.00 and $203.00.

Key Highlights

Ether’s price declined below $195.00 and traded close to $185.00 against the US dollar.

ETH/USD is currently recovering toward a bearish trendline, with resistance at $203.00 on the 30-minute chart.

ETH/BTC extended losses below the 0.0320BTC support level.

Technically, the 2-hour chart indicators are recovering from the oversold levels in the bearish territory.

Ether Price Analysis

After trading as low as $194.68, ETH/USD corrected higher. However, the pair failed to gain momentum above the $200.00 resistance and started a fresh decline. It broke the last low and traded to a new weekly low at $187.00.

Similarly, ETH/BTC failed to recover and broke the key support at 0.0320BTC. The pair is currently trading above 0.0310BTC, but there is a risk of further slides below the 0.0308BTC level.

Ether Price ETH

Looking at the 30-minute chart of ETH/USD, the pair started a decent rebound from the $187.00 low. It moved above the $190.00 and $195.00 levels, but it struggled to surpass the $200.00 resistance.

It seems there is a key bearish trendline in place, with resistance at $198.00 on the same chart. To recover further, Ether buyers need to clear the trendline, the $200.00 handle, and the $203.00 resistance level. On the downside, an immediate support is at $195.00, below which the price could test the $190.00 level.

Moving up to the 2-hour chart of ETH/USD, the pair carved three green candles after forming the $187.00 low. However, Ether’s price seems to be finding strong offers near the $200.00 level and the 23.6 percent Fibonacci retracement level of the recent drop from the $231.95 high to $187.00 low.

Ethereum Price Analysis ETH

Should the price settle above the $200.00 resistance and gain momentum above $203.00, the next target for buyers could be $210.00 and the 50 percent Fibonacci retracement level of the recent drop.

The short-term price action is positive, but the overall trend is bearish until Ether’s price climbs back above the $200.00 and $210.00 resistance levels.

Important Resistance Levels

$200.00 and $203.00

Important Support Levels

$195.00 and $190.00

2-hour RSI

The RSI is recovering higher toward the 35-40 zone.

2-hour MACD

The MACD is slowly reducing its bearish slope.

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.

ETHNews is commited to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Ether Price, Ether Price Chart and Ethereum Analysis News.

Disclaimer

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.

Be the first to comment

Leave a Reply

Your email address will not be published.


*