News Ether Price Analysis - ETH/USD Forecast: Recovery Capped By...

Ether Price Analysis – ETH/USD Forecast: Recovery Capped By $180

-

- Advertisment -

Ether regained the bullish ground against the US Dollar and Bitcoin during the past few sessions. Buyers need to push ETH/USD above $180 to challenge $200.

Technically, the hourly chart indicators are slowly moving higher in the bullish territory.

Ether Price to Consolidate Short-term?

The ETH/USD pair bounced back after plummeting by the end of last week towards $110-115, and currently trading above the $150-160 support area.

Ether Price Technical Analysis Chart

Further recoveries seem likely, but as mentioned in the weekly analysis, the pair faces a crucial challenge near $175-180. The stated resistance zone was already tested once recently, but thin trading prevented a break above $180.

The price moved lower and tested the 23.6% Fibonacci retracement level of the last wave from the $115 low to $178 high. In the short term, the $160 support area may continue to prevent downsides.

There is a bullish trend line with support at $165 forming on the hourly chart. On the flip side, there is a connecting bearish trend line with resistance at $170.

We can consider the current technical structure as a short-term breakout pattern. A break below the trend line support might call for a test of $160, and if buyers clear the $170 resistance, there can be a test of $180.

Ethereum ETH USD Forecast

If the market try to retest $160, then it may act as a strong support for a subsequent bounce. Below $160, the next important support is at $145-143.

On the upside, the 4-hour chart clearly points the significance of the $175-180 resistance, and it may continue to prevent further gains.

Should there be a break above $180, the market may attempt to test sellers at $200. With the ongoing ETH/USD recovery looking so far positive, the risk is still towards the upside. Thus, pullbacks towards $160 or $145 remain supported in the near term.

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.

Source link

Latest news

To Kill A Dragon – How To Build An Honest Alternative To Sharing Economy Industry

The sharing economy is big business. Platforms like AirBnB, Uber, WeWork, Upwork, and others in the industry...

3 Beginner Friendly Ways to Make Money with Cryptocurrency 2020

In this article, we will explain how to make money with cryptocurrency in 2020. These methods are...

Blockchain, Bitcoin, and Mashed Potatoes

According to studies, over the next 5 years, many of the major supermarkets are expected to...

Different Facets of Biometric Authentication and How They Are Making A Difference in The Financial Sector

When we think of authentication in the true sense, then we find ourselves amid the different proven...
- Advertisement -Ether Price Analysis - ETH/USD Forecast: Recovery Capped By $180

UNICEF’s 125 ETH Investment Took Less Than 20 Minutes and Cost Less Than $20

"The digital world is coming to us faster than we could have imagined," said UNICEF chief Chris...

Analysis: Is Bitcoin (BTC) Still Viewed As A Dark Web Currency?

There is a long past of Bitcoin (BTC) – due to its anonymity – being used in...

Must read

- Advertisement -

You might also likeRELATED
Recommended to you