Ethereum Price Forecast: Ether Approaching Downtrend Resistance

Ether’s price is recovering toward downtrend resistances against the US dollar. ETH/USD may correct above $200.00, but sellers are likely to appear near $210.00.

Key Highlights

Ether’s price is correcting higher and could break the $200.00 resistance against the US dollar.

ETH/USD is likely to face a strong resistance near the $210.00 level.

ETH/BTC is currently consolidating losses above the 0.0310BTC level.

Technically, the hourly chart indicators are about to move into the bullish territory.

Ether Price Analysis

ETH/USD started an upside correction after trading as low as $187.00. The pair moved above the $195.00 pivot level and is currently attempting to surpass the $200.00 resistance.

ETH/BTC remained in a bearish zone below the 0.0320BTC level. It may continue to consolidate in the short term before the next move either above 0.0320BTC or below 0.0310BTC.

Ether Price Analysis ETH

Staring with the hourly chart of ETH/USD, the pair moved above the $190.00 and $195.00 resistances. However, two important bearish trendlines, with current resistance near $199.00-200.00 are acting as a solid hurdle for buyers.

Should the price break the $200.00 resistance, there could be an extended upside correction toward the $203.00 or $210.00 resistance levels. On the flip side, if there is a downside break below the $195.00 support, sellers are likely to push the price back toward the $190.00 and $187.00 levels.

Moving up to the 6-hour chart of ETH/USD, the current price action indicates a positive correction above $195.00. However, a break above $200.00, $203.00, and the 23.6 percent Fibonacci retracement level of the last drop from the $238.59 high to $187.00 low is a must for a larger upward move.

Ethereum Price Analysis ETH

To the topside, the main downtrend resistance is near the $210.00 level (the previous support). Additionally, the price is likely to face a strong selling interest near the $215.00 level.

Overall, Ether’s price could correct higher in the short term, but there are many key barriers near the $203.00 and $210.00 levels. The main supports on the downside are at $195.00 and $190.00.

Important Resistance Levels

$200.00 and $203.00

Important Support Levels

$195.00 and $190.00

Hourly RSI

The RSI is moving higher toward the 50 level.

Hourly MACD

The MACD is about to move into a positive zone.

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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