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ETH/USD: $50 is Here, Anticipate Correction Ahead

By

Aayush

Jindal

Guest AnalystETHNews.com

ETH/USD rallied further above $50, and it looks like Ether price is currently attempting to correct a few points lower against the US dollar.

Key Highlights

Ether price continued to trade higher and moved above the $50 level against the US Dollar.
There was high formed near $52.80 in the ETH/USD pair from where a correction phase is initiated.
ETH/BTC was also heavily bid, as it attempted a move above 0.040BTC.

Technically, the hourly chart indicators are retreating from the bullish territory.

Ether Price Uptrend Holding Well

There was a sharp upside move in Ether price, as it gained by around 20% once again versus the US Dollar. Yesterday, we discussed that if buyers stay in action, there is a chance of ETH/USD heading towards $50.

Ether Price Analysis Chart

The price did move higher, tested $50 and cleared it for a new all-time high at $52.80. There were strong offers presented around the stated level, which initiated a correction in Ether price.

Similarly, the ETH/BTC pair gained a lot and was able to move past the 0.040BTC handle. It was seen trading with a sharp increase in buying interest as Bitcoin price was sliding simultaneously.

When we look at the 30-min chart of ETH/USD, there was a clearly a sharp rise above $50. At the same time, a major reaction is visible near $52.80. The price retreated sharply after testing the stated level, and started a correction.

The pair has already made a significant correcttion, and moved below the 23.6% Fib retracement level of the last wave from the $32 low to $52.80 high. The price is heading towards a major support area around $42 where buyers might emerge.

Also, the 50% Fib retracement level of the last wave from the $32 low to $52.80 high is also around $42. An important point is the fact that the price is currently attempting a close below a bullish trend line on the 30-min chart.

Ethereum ETH/USD Forecast

If there is a close below the trend line, there can be a decline towards $42 or $40. The 2-hour chart also suggests a major correction with a possibility of a move towards $40 in the short term.

Important Resistance Levels

$50 and $52.00

Important Support Levels

$40.00 and $38.00

2-hour RSI

The RSI technical is retreating from the extreme overbought conditions.

2-hour MACD

The MACD reduced the bullish slope, showing signs of a 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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