Ethereum Price Forecast: Gains In Ether Remain Capped

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Ether’s price is facing many hurdles on the upside against the US dollar and bitcoin. ETH/USD is likely approaching a short term break either above $208.00 or below $204.00.

Key Highlights

Ether’s price failed to recover above the $210.00 weekly resistance against the US dollar.

A major bearish trendline is intact with resistance at $208.00 on the 2-hour chart of ETH/USD.

ETH/BTC continues to trade in a tight range above 0.0310BTC and below 0.0320BTC.

Technically, the 2-hour chart indicators are struggling to recover in the bearish territory.

Ether Price Analysis

After struggling to clear the $210.00 resistance, ETH/USD started a downward move. The pair broke the $208.00 and $206.00 levels to move into a bearish zone.

Contrary, ETH/BTC remained in a tight range above the 0.0310BTC support. It seems like the pair is preparing for the next significant break either above $0.0320BTC or below 0.0310BTC.

Ethereum Price Analysis ETH

Looking at the 2-hour chart of ETH/USD, the pair recently failed to break a solid resistance near the $210.00 level. Ether buyers also struggled to push the price above a major bearish trendline, with current resistance at $208.00.

Therefore, to start a decent recovery, the price must break the trendline and the $210.00 resistance. On the downside, there is a connecting bullish trendline in place, with support at $204.00. Should Ether’s price decline below the trendline support, there could be more losses toward the $200.00 support zone.

Moving down to the 30-minute chart of ETH/USD, the pair traded lower after forming a high at $208.65. There was a steady decline and the price traded as low as $203.97.

Ether Price Analysis ETH

The price is currently recovering, but it could face resistance near two bearish trendlines and $207.00. Besides, the 50 Fibonacci retracement level of the recent drop from the $208.65 high to $203.97 low is near $206.00.

If Ether corrects higher, it is likely to face a lot of hurdles near the $206.00, $207.00 and $208.00 levels, followed by the all-important $210.00. The main support on the downside is at $204.00, below which the $200.00 support might protect declines.

Important Resistance Levels

$208.00 and $210.00

Important Support Levels

$204.00 and $200.00

2-hour RSI

The RSI is currently well below the 40 level.

2-hour MACD

The MACD is gaining momentum in the bearish 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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