Prediction of Ethereum prices: can ether buyers continue to recover?

10 November 2018 15:20

Key points

The price of Ether has found support close to $ 207.00-208.00 and subsequently recovered against the US dollar.

The ETH / USD was trading above a crucial declining channel with resistance at $ 210.00 on the hourly chart.

ETH / BTC is currently consolidating around the 0.0330BTC level and may recover.

Technically, the hourly chart indicators are about to return to bullish territory.

Price analysis of the ether

Yesterday we saw some bearish moves in ETH / USD below the $ 212.00 support. The pair fell below the $ 210.00 support and subsequently found a strong buying interest near the $ 207.00-208.00 zone.

ETH / BTC started a downward correction recently and were trading below the 0.0330BTC level. The pair stabilized near the 0.0326BTC level and subsequently recovered some points. The ether is correcting, consolidating near 0.0330BTC, and it could go back compared to short-term bitcoin.

Looking at the hourly chart of ETH / USD, the pair followed a bearish path from the $ 223.86 high swing and traded below support levels $ 220.00 and $ 215.00. The price was also traded below $ 212.00 and $ 210.00 before buyers appeared near the $ 207.00-208.00 zone.

The price formed a decent support base near $ 208.00 and the Fibonacci 50% retracement level of the uptrend from $ 192.69 down to $ 223.86 at the top.

Subsequently, Ether's price started a fair rebound and buyers pushed the price above the $ 210.00 level and a crucial declining channel on the same chart. The price is currently trading around the resistance of $ 212.00 and the Fibonacci retracement level of 23.6% from the recent slide from $ 223.86 upwards to $ 207.92 below.

If Ether continues to recover, the price could rise to the resistance of $ 215.00 and the Fibonacci retracement level of 50% of the recent slide. The 6-hour chart of the Ethics / USD also indicates that there is a significant barrier to buyers near the levels of $ 215.00 and $ 217.00.

In the short term, it seems that Ether could bounce back to $ 215.00 and any dive from here is likely to find solid support near the levels of $ 210.00 and $ 208.00.

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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