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Ether Price Analysis
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ETH/USD Forecast: Risk of Deeper Pullback





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. 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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