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ETH/USD Forecast: Risk of Deeper Pullback

By

Aayush

Jindal

Guest AnalystETHNews.com

Pullback from the last upside rejection at $13.38 in Ether price against the US Dollar points a corrective wave in ETH/USD.

Key Highlights

Ether price remained in corrective mode against the US Dollar with resistance near $13.00.
The 2-hour chart of ETH/USD signals a flag pattern formation with support at the moment at $12.50.
There is a risk of a deeper pullback since the price is losing momentum, and could trade towards $12.20.

Technically, the 2-hour chart indicators are holding the bullish bias, but slowly losing strength.

Ether Price Signaling Correction

Yesterday, we saw how there was an upside rejection near $13.40 in Ether price against the US Dollar. Later, the price started a correction and traded close to the $12.50 level.

Ether Price Analysis Chart

There was an attempt for another upside push, but the $13.00 mark proved to be a crucial resistance, as it prevented further gains. As a result, the price was confined in the $13.00-$12.50 range.

There are three waves already in the current correction, and it looks like it’s not over yet. If the ETH/USD pair continues to struggle near $13.00, there can be a deeper correction.

On the downside, the $12.50 support is holding losses at the moment. It represents the 38.2% Fibonacci retracement level of the last wave from the $11.24 low to $13.38 high.

So, a break below $12.50 might call for additional downsides with a possibility of a move towards $12.20. When we look at the 2-hour chart, the importance of $12.50 is clearly visible.

Ethereumm ETH/USD Forecast

There is a flag formation with support at $12.50. The flag looks like a bullish formation, but the rejection candle near $13.38 is eye-catching. There is long tail formed, which generally means the price failed, and it’s a major hurdle.

We can say there are mixed signals, and the next move in ETH/USD might depend on the next break. If the price succeeds in moving above the $13.00 resistance, there can be a retest of $13.38.

Otherwise, a failure and break below $12.50 may call for a deeper pullback.

Important Resistance Levels

$13.00 and $13.05

Important Support Levels

$12.50 and $12.20

2-hour RSI

The RSI technical indicator is well above the 50 level, and suggests that the price is well supported.

2-hour MACD

The MACD remains in the bullish zone, but slowly losing the momentum.

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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