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Ether Price Analysis
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ETH/USD Forecast: Pressuring Key Resistance





There was another hurdle in ETH/USD near $16.00. Let’s see if Ether price can clear the stated resistance against the US Dollar or not.

Key Highlights

The ETH/USD pair was contained by the $16.00 handle where it failed two times.
There is a chance that the pair is forming a double top pattern near $16.00, looking at the hourly chart.
The 4-hour chart clearly highlights a congestion resistance area near $16.00.

Technically, the hourly chart indicators are showing a lot of mixed signals, suggesting caution.

Can Ether Price Break $16.00?

Yesterday, we saw a nice three outside up bullish pattern in ETH/USD. It later resulted in a minor correction, but Ether price managed to hold the $15.20 support zone, and recovered.

Ether Price Analysis Chart

The recovery was decent, but the price failed to close above $16.00. It formed a minor new high at $16.03 before declining once again. At the moment, the price is struggling to clear the $16.00 resistance, but at the same time remains supported near $15.20.

When we analyze the recent two failures, there is a chance that the pair is forming a double top pattern near $16.00 on the hourly chart. If the highlighted pattern is true, the price could break the recent low and may trade towards $14.00.

However, there are two solid bullish trend lines with support at $15.20 and $15.00 on the same chart. So, I would say as long as the price is above these trend lines, there can be another attempt to clear $16.00.

Only if there is a close below $15.00, ETH/USD may extend its decline. Otherwise, the possibilities of an upside break or at least a retest of $16.00 is likely.

Ethereum ETH/USD Forecast

Looking at the 4-hour chart, there is a clear barrier formed near $16.00. As of now, there is no rejection pattern, which is why the pair remains supported. There are also two trend lines on the downside with the most important one at $13.95.

In short, I would say the price is pressuring the $16.00 resistance. If it succeeds in breaking it, a new high is possible. If it fails another time, there can be an increase in selling pressure.

Important Resistance Levels

$15.90 and $16.00

Important Support Levels

$15.20 and $15.00

Hourly RSI

The RSI technical indicator has corrected from the overbought levels, but remains above the 50 level.

Hourly MACD

The MACD is currently in the bullish zone, but losing the steam.

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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