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Ether Price Analysis
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ETH/USD Consolidating Gains Above $40





Ether price after trading briefly above the $50 handle against the US Dollar started correction, and now ETH/USD is consolidating above $40.

Key Highlights

Ether price after trading as high as $52.80 started a correction wave against the US Dollar.
The ETH/USD pair dipped below the $40 level once, but later managed to recover.
There is a trend line support formed on the 2-hour chart, and the pair seem to be consolidating gains above the same.

Technically, the 2-hour chart indicators showing signs of a pullback from the bullish territory.

Can Ether Price Correct Further?

Yesterday, we saw how Ether price climbed above the $50 level against the US Dollar, and then started a correction. There was a high formed at $52.80 from where there was a pullback.

Ether Price Analysis Chart

Similarly, there was a correction initiated against the Bitcoin as well. ETH/BTC pair retreated from the 0.045BTC level and now consolidating above 0.036BTC.

Let us have a look at the 2-hour chart of ETH/USD to understand the current price action. There is one big bearish candle formed near $52.80, which is pointing a major rejection above $50.

The pair dipped below $40 once and now consolidating gains above the $40 handle. There is a nice trend line support formed on the chart, which is currently holding losses, and preventing the pair from closing below $40.

It looks like the price has started a consolidating phase above the $40 handle, and may soon prepare for the next move. The question here is whether there can be a bounce towards $50 or further correction below $40.

Well, if the price fails to hold the trend line support at $40, there can be a move towards $32. The $40 support holds a lot of significance, as it also above the 50% Fibonacci retracement level of the last wave from the $32 low to $52.80 high.

Ethereum ETH/USD Forecast

So, as long as the price is above $40, it remains in the bullish zone. A break below it might ignite a downside move and could put Ether buyers on the back foot.

The 4-hour chart also points a similar picture. There is indecision pattern forming around $50. However, if the price dips further, there is a crucial trend line support waiting on the downside near $35.

Important Resistance Levels

$50 and $52.00

Important Support Levels

$40.00 and $35.00

4-hour RSI

The RSI technical is pulling back from the overbought conditions.

4-hour MACD

The MACD has started losing the momentum in the bullish zone.

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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