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8 August 2022
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Ethereum

Ethereum Price Forecast: ETH/USD hits wall at the 50% Fibo, is $240 achievable this weekend?

  • Ethereum price makes come back from the dip to weekly lows at $225.
  • ETH/USD recovery loses steam under $240; paving the way for consolidation between the 50T% and the 38.2% Fibo.

Ethereum recovered from the dip to $225 this week. The bulls reclaimed the position above $230. They later extended the bullish action above $235. However, gains towards $240 became difficult to sustain. At the time of writing Ethereum is trading in a range with a resistance limit at the 50% Fibo and support at 23.6% Fibo ($235). The price is dancing at $236 while the bulls deal with the immediate selling pressure at $236.

Consolidation between the aforementioned Fibonacci levels is bound to continue during the weekend session. This is particularly, emphasized by the sidelong moving RSI as well as the MACD. Low trading volume is prominent across the Ethereum markets. On the upside, I expected volatility to grow if the hurdle at $240 is broken. Such a move could encourage buyers to join the market in large numbers, thereby, pulling Ethereum above $250.

As far as support is concerned, ETH/USD is well anchored at $235 (38.2% Fibo), $230 and $225. It essential that support at $230 is defended at all times because another plunge towards $225 could open the Pandora box and push Ether closer to $200.

ETH/USD 1-hour chart

ETH/USD price chart

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