Prediction of Ethereum prices: correction gains of the ether towards the supports

Key points

The price of Ether was traded further above $ 220.00 before correcting the decline against the US dollar.

The ETH / USD is approaching an uptrend line and support is close to $ 217.00 on the 2-hour chart.

ETH / BTC is consolidating gains above the 0.0330BTC level.

Technically, the 2-hour chart indicators are correcting lower in bullish territory.

Price analysis of the ether

Yesterday we discussed the fact that ETH / USD is trading in a bullish zone and could continue to rise towards $ 220.00 or $ 225.00. The pair climbed higher and traded the new monthly high at $ 223.86 before starting a downward correction.

ETH / BTC has stabilized above the 0.0330BTC level and currently consolidates gains. The pair can correct some short-term points towards 0.0320BTC before it gets even higher.

Looking at the 30-minute chart of Eth / USD, the pair has gathered beyond the resistance levels $ 215.00 and $ 220.00. A new monthly maximum was formed at $ 223.89 and thereafter the price was corrected lower. Ether refused and traded below the $ 220.00 support and a bullish trend line.

The price even fell below the Fibonacci retracement level of 23.6% from the recent rise from the low of $ 208.43 to a maximum of $ 223.89. However, there are two strong supports positioned near $ 217.00 and $ 215.00.

The 2-hour chart also indicates the importance of support for $ 217.00 and a confident trendline around the same area. Therefore, the price of Ether is likely to rebound above $ 220.00 until there is a 2-hour closing below the $ 217.00 support.

If buyers gained the pass above the resistance of $ 220.00, the price would probably break the maximum of $ 223.89 in the next sessions. In contrast, a downside break below $ 217.00 could push the price towards $ 215.00 support and the Fibonacci retracement level to 50% of the recent rise.

The current technical structure on the 2-hour chart suggests a short-term bearish wave before Ether begins a new upward move above $ 220.00.

Aayush spent over seven years as a contributor and observer of the financial markets. He specialized in market strategies and technical analysis. It strives to provide entertaining and informative analyzes on the currency and commodity markets. He is a software engineer by profession and loves blogs.

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