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Ethereum Price Forecast: Ether Dips Remain Supported

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price started a downside correction after a solid upward move against the US dollar and bitcoin. ETH/USD remains well-supported on dips above $145.00.

Key Highlights

Ether’s price tested the $160.00 resistance and later corrected lower against the US dollar.
A significant bullish trendline is formed with support at $143.00 on the 2-hour chart of ETH/USD.
ETH/BTC tested the 0.0400BTC resistance and later corrected toward 0.0380BTC.

Technically, the 2-hour chart is correcting lower toward midlines in the bullish territory.

Ether Price Analysis

Yesterday, there was a strong upward move above the $150.00 resistance in ETH/USD. The pair even broke the $155.00 resistance, but buyers struggled to push Ether above the $160.00 resistance, resulting in a fresh decline.

ETH/BTC rallied above the 0.0380BTC resistance. The pair tested the key 0.0400BTC resistance and later started a downside correction toward the 0.0380BTC support area.

Ethereum Price Analysis ETH

Looking at the 2-hour chart of ETH/USD, the pair climbed sharply above the $130.00 and $142.00 resistance levels. Buyers even pushed the price above the $155.00 barrier before sellers took a stand near the $160.00 resistance.

The price formed a high at $159.96 and, later, a new downside correction was initiated. Therefore, there was no new high above the $160.00 and $161.35 swing high. During the decline the price broke the $155.00 support and the 23.6 percent Fibonacci retracement level of the recent wave from the $142.70 low to $159.96 high.

However, the decline was protected by the $148.00-150.00 support zone along with the 50 percent Fibonacci retracement level of the recent wave. To the downside, there is a strong support formed near $143.00 and a bullish trendline on the same chart.

Ether Price Analysis Chart

Moving down to the 30-minute chart of ETH/USD, the pair is struggling to clear the $153.00 level and a connecting bearish trendline. Should there be a break above the trendline, the price may climb toward the $155.00 and $160.00 resistance levels.

The current price is slightly bearish on Ether, but a positive break above the $153.00 and $155.00 resistance levels could spark a fresh upward move in the near term.

Important Resistance Levels

$155.00 and $160.00

Important Support Levels

$150.00 and $143.00

2-hour RSI

The RSI is moving lower toward the 50 level.

2-hour MACD

The MACD is slowly reducing its bullish slope.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.