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Technical analysis

Forecast: Ethereum Price Might Break $212 in Short Term

Amandeep Sonewane | Oct. 22, 2018
Forecast: Ethereum Price Might Break $212 in Short Term

Ethereum price is struggling to gain momentum against the USD. The price of the coin remains at a risk of more losses below the $205 support.

22 October 2018, AtoZMarkets - The price of Ethereum is trading at $207 mark according to Bitfinex exchange. The coin has a market cap of 21 Billion at the time of press. In the last week, the ETHUSD pair has dropped by 3.26% with a total volume of over $858.70 Million. The highest price, $ 232.03, was on Monday, 15th October. Last week, Ethereum price trimmed most of its gains and traded below the $210 level. The price traded lower near $203.5 mark and later started consolidating losses.

Ethereum Technical Analysis

ETHUSD pair started a decent upside recovery from the $196 low. The pair traded above the $200 and $205 resistance levels. There was also a close above the $202 level and the 100 hourly simple moving average. However, the price faced a solid resistance near the $206 and $207 resistance levels. A high was formed at $206.38 and later the price moved down.

The 100 SMA line is below the long-term 200 SMA line which indicates that the path of least resistance is towards the downside direction. Thus, bearish pressure might be seen in the upcoming days.

According to 1D chart, a swing high was formed at $212 and the price declined to test the $206 zone. Also, the price of the coin is moving higher from the $206.20 lows and it is approaching the $209 -210 resistance area.

Buyers recently pushed the price above the 23.6% Fibonacci retracement level of the last decline from the $212 high to $206 low. However, the coin might face a strong resistance formed around the $209-210 area.

There is also a major bearish trend line with resistance at $209 on the same chart. Above the trend line, the 61.8% Fibonacci retracement level of the last decline from the $212 high to $206 low is at $209.82. Therefore, the price of the coin should close above the $209-210 resistance area is needed for buyers to take control in the near term.

RSI for Ethereum suggests that there was a trend line break, which means there are chances that the price of the coin could break the $212 high in the near term. If there is a bearish move, the price is likely to find support near the $205 level. Below $205 mark, the price might retest the $200- $202 mark, which is now a strong support for buyers.

Ethereum Daily Pivot Points

Ethereum has a daily support near $205 and resistance near $210 levels.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.