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ETH/USD Forecast: Fresh Correction Initiated

By

Aayush

Jindal

Guest AnalystETHNews.com

The ETH/USD pair was unable to sustain gains above $19.60, which means Ether price might trade lower versus the US Dollar in the near term.

Key Highlights

Despite positive momentum, Ether price failed to settle above $20.00 against the US Dollar.
The ETH/USD pair moved down, and broke a support trend line at $19.50 on the 30-min chart.
There seems to be an extended correction formed with a potential for a move towards $18.50 or $18.20.

Technically, the 2-hour chart indicators are heading south in the bearish territory.

Ether Price to Test Range Lows?

Fresh weakness on Tuesday is probing below $19.50 in ETH/USD after the pair failed to hold gains on Monday. There was another attempt by Ether price to move past $20.00 against the US Dollar, but it failed.

Ether Price Analysis Chart

A new weekly high at $20.09 was formed before the price retreated fast. There was a sharp downside move with back to back bearish candles. During the downside move, the price surpassed a couple of supports.

The most important break was below $19.50, coinciding with a bullish trend line on the 30-min chart. It almost cleared the 50% Fibonacci retracement level of the last wave from the $18.38 low to $20.09 high. These signs suggest that the price is struggling to hold gains in the short term.

On the upside, there is a bearish trend line with resistance at $19.25. It is acting as a hurdle for a fresh recovery in Ether price and pushing it down. It looks like the price is under renewed correction pressure, and forming a new three wave pattern.

If it’s true, there is a chance of ETH/USD retesting the $18.20 support area in the near term. Now, let us move to a higher time frame chart to understand the current wave structure.

Ethereum ETH/USD Forecast

The 2-hour chart clearly points a rejection near $20.00. It also suggests that the price is forming a range pattern with support above $18.00 and resistance near $20.00.

The recent failure might be a completion of the third wave, calling for a downside move. So, if the $19.00 level paves way, the price might extend the corrective move and trade towards $18.20.

Important Resistance Levels

$20.00 and $20.10

Important Support Levels

$19.00 and $18.20

2-hour RSI

The RSI technical indicator broke the 50 level, and moving north.

2-hour MACD

The MACD has started reducing the bullish slope, pointing weakness.

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

ETHNews is commited to its Editorial Policy

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