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ETH/USD Consolidating Gains Above $40

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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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