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Ethereum Forecast: ETH/USD Correction or Trend Change?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether traded to new highs against the US dollar above $1,200.00. Both ETH/USD and ETH/BTC are positioned nicely in the bullish zone.

Key Highlights

Ether’s price surged higher and traded to a new all-time high at $1,226.81 against the US dollar.
ETH/USD started a sharp downside correction and is testing a major support around $1,000.00.
ETH/BTC traded above the 0.0700BTC level, which is a great bullish sign.

Technically, the 2-hour chart indicators are showing signs of a major downside correction.

Will the ETH/USD Correction Remain Limited?

It was a good start to the week as ETH/USD extended its gains and was able to move above the $1,200.00 level. A new all-time high was formed at $1,226.81 from where the pair started a major downside correction.

ETH/BTC also gained heavily and was able to move above the 0.0700BTC resistance. It is now trading in the bullish zone and is eyeing further gains toward the 0.0750BTC resistance.

Ether Price Analysis Chart

Looking at the 30-minute chart of ETH/USD, there was a short-term top formed at $1,226.81. The pair moved down sharply and broke the 50 percent Fibonacci retracement level of the last wave from the $1,015.11 low to $1,226.81 high.

More importantly, there was a break below a bullish trendline at $1,120.00. It has cleared the path for more declines in Ether’s price toward $1,040.00 or even $1,000.00.

Ethereum Price ETH/USD Forecast

An intermediate support is around the 76.4 percent Fibonacci retracement level of the last wave from the $1,015.11 low to $1,226.81 high. Moving up to the 2-hour chart of ETH/USD, the pair is approaching a crucial bullish trendline with current support at $1,030.00-1,040.00.

The pair has to stay above the mentioned trendline support to avoid further declines toward $1,000.00. Should there be a 2-hour close below $1,000.00, the price could accelerate the current correction toward $880.00.

Important Resistance Levels

$1,100.00 and $1,200.00

Important Support Levels

$1,000.00 and $900.00

2-hour RSI

The RSI moved down sharply toward the 50 level.

2-hour MACD

The MACD is showing strong signs of a major correction.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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