News Ether Price Analysis - ETH/USD Forecast: Crucial Break Ahead

Ether Price Analysis – ETH/USD Forecast: Crucial Break Ahead

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Ether is trading in a range above $220.00 against the US dollar and corrected lower versus bitcoin. It seems like ETH/USD is approaching a crucial break.

Technically, the 2-hour chart indicators are moving to and fro above their midlines in the bullish territory.

Ether Price Struggling to Move Higher?

The ETH/USD pair continued to hold the $210.00 support with little directional strength and within a confined range. On the other hand, the ETH/BTC pair corrected lower from 0.082BTC and moved below an important support of 0.080BTC.

Ether Price Technical Analysis Chart

The ETH/USD pair still lies within a bullish trend despite ongoing consolidation above the $210.00 support. Looking at the 30-min chart, there is a solid bullish trendline forming with support near $224.00.

The trendline support is holding losses and protecting a downside break towards $210.00. Furthermore, there is a clear contracting range pattern forming with support at $223.00 and resistance near $227.00.

The recent dip in ETH/USD was well protected by the trendline and the 50 percent Fibonacci retracement level of the last leg from the $216.24 low to $227.99 high.

The 2-hour chart shows a clear picture of the current trend. It seems like Ether’s price is approaching a crucial break since there is a contracting triangle pattern forming with resistance near $226.00.

Ethereum ETH/USD Forecast

The triangle support sits at $223.00 and holds a lot of significance in the short term. Should there be a break and close below $223.00, the price may drop back towards $210.00.

Just above $210.00, there is a connecting bullish trendline on the same chart. To the upside, an initial resistance is near $226.00-227.00 (daily high and the triangle resistance). A successful close above $226.00 followed by a break of $230.00 would signal upward strength.

The intraday outlook favors the upside with limited downsides below $210.00 ahead of the weekend.

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.

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Ether Price Analysis - ETH/USD Forecast: Crucial Break Ahead
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