Etereum Price Forecast: Ether Closing In Toward Next Break

Key points

The price of Ether failed to contain earnings above $ 200.00-2010 and fell against the US dollar.

The ETH / USD failed to position itself above a crucial bearish trendline at $ 203.00 on the 12-hour chart.

ETH / BTC continued to operate in a narrow range above the 0.0310BTC support.

Technically, the 12-hour chart indicators are accelerating declines in bullish territory.

Weekly analysis of the price of the ether

In the last three days, there has been a slow steady recovery in ETH / USD from the support area of ​​$ 190.00. The pair overcame the resistance of $ 200.00, but failed to overcome the resistance zone of $ 202.00-203.00.

More importantly, ETH / BTC has extended its radius above the 0.0310BTC support and below the 0.0318BTC resistance. The current interval has been in place for more than two weeks, which could mean a major break in the coming days.

Let's start with the 12-hour chart of the Ethics / USD to understand the recent rebound and the inability to break resistance of $ 203.00. Last week, the couple refused and tested the support area of ​​$ 192.00. Next, there was a solid rebound above the resistance levels $ 197.50 and $ 200.00.

Ether has also moved above the resistance of $ 202.00 and a downtrend line on the same table. However, the price failed to remain above the resistance of the trendline, resulting in a false upside break.

There seems to be a strong resistance formed near $ 202.00-203.00, above which there is another trendline bearish at $ 210.00. Therefore, Ether buyers are facing many obstacles near the levels of $ 202.00, $ 203.00, $ 205.00 and $ 210.00.

Coming down to the 2-hour chart of Eth / USD, the pair has recently declined and broke the support of $ 200.00 plus a rising trendline at $ 199.00. Furthermore, the price broke the Fibonacci retracement level of 23.6 of the last wave from the low of $ 192.69 to $ 202.99 high.

It opened the door to further losses and the price could possibly go down to $ 197.50. In the event of further drops in Ether, the price may be backed up by $ 195.00 or $ 192.00.

Overall, Ether's price is getting ready for the key break above $ 203.00 or under $ 192.00 in the short term. A bearish break is likely to pave the way for the $ 180.00 level.

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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