Ethereum Price Forecast: Ether’s Bounce In The Cards

Ether’s price is holding the key $200.00 support against the US dollar. ETH/USD is likely to bounce as long as there is no daily close below $200.00.

Key Highlights

Ether’s price volatility drops to multi-month lows against the US dollar.

ETH/USD is following a bearish structure, with strong support at $200.00 on the 12-hour chart.

ETH/BTC traded in a tight range above the 0.0310BTC support level.

Technically, the 12-hour chart indicators are flat with neutral signs in the bearish territory.

Ether Price Analysis

During the past few days, ETH/USD traded in a tight range with a bearish angle toward the $200.00 support. The pair is stuck in a tight range of around $5.00 above $200.00.

Similarly, ETH/BTC remained in a tight range with supports at 0.0312BTC and 0.0310BTC. On the upside, buyers need to clear the 0.0318BTC and 0.0320BTC resistance levels to push the price in a positive zone.

Ethereum Price Analysis ETH

Let’s start with the 12-hour chart of ETH/USD to understand this past week’s price action below the $210.00 and $208.00 resistance levels. The pair declined slowly from well above the $220.00 resistance and traded below the $208.00 level.

The decline was such that the price traded close to the $200.00 support and formed a low at $200.55. Later, Ether started trading in a tight range with support at $200.00 and resistance around the $206.00 level.

To the topside, there are two important bearish trendlines in place with resistance at $206.00 and $208.00. A successful break above these trendlines is required for Ether buyers to take control for an upward move toward the $210.00 and $220.00 levels.

Ether Price Analysis ETH

Dropping down to the 2-hour chart of ETH/USD, the pair seems to be stuck in a tight range above the $200.00 support. An initial resistance is near the $204.00 level followed by $206.00.

On the downside, there is a strong support formed near the $202.00 and $201.00 levels. As long as Ether’s price is trading above these supports and $200.00, it could bounce back above $204.00 and $206.00 in the coming days.

On the flip side, if ETH/USD settles below the $200.00 support, there could be more bearish moves toward the $190.00 level or the $187.00 low.

Weekly Resistance Levels

$204.00 and $206.00

Weekly Support Levels

$201.00 and $200.00

12-hour RSI

The RSI is currently flat near the 40 level.

12-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.

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