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.
Disclaimer:
The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Ether Technical Analysis

Today ETH/USD Forecast: Consolidating Above $200
03-19-2017 ETH/USD Weekly Forecast: Buyers Losing Control
03-18-2017 ETH/USD Consolidating Gains Above $40
03-17-2017 ETH/USD: $50 is Here, Anticipate Correction Ahead
   

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