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ETH/USD Correction Phase Likely Over

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price after completing a correction wave near $32 against the US Dollar started trading higher, as ETH/USD is now back above $40.00.

Key Highlights

Ether price after trading as low as $31.26 against the US Dollar found support and recovered.
The ETH/USD pair has likely completed a correction wave from the $52.80 high and is now back in the bullish zone.
ETH/BTC is also gaining momentum, as the pair is now back above 0.040BTC.

Technically, the 2-hour chart indicators are back in the bullish territory with positive bias.

Can Ether Price Retest $50?

We recently witnessed a decline in Ether price against the US Dollar from the $52.80 high. The ETH/USD pair moved below $35 to trade close to the $32-30 support area. A low was formed near $31.26 from where the price started a recovery.

Ethereum ETH/USD Forecast

Similarly, Ether price corrected lower against Bitcoin and traded towards 0.036BTC. Later, ETH/BTC found support, moved higher, and now back above the 0.040BTC resistance.

So, it looks like Ether price has completed a correction phase. ETH/USD is already trading above the $38 and $40 resistance levels, which is a positive sign.

During the recent upside move, there were a couple of important breaks. First, the price broke the 23.6% Fibonacci retracement level of the last decline from the $52.80 high to $31.26 low. Second, the price successfully cleared a crucial bearish trend line on the 2-hour chart at $36.

It opened the doors for a sharp rise, as the price moved above $40. There was even a break above the 50% Fibonacci retracement level of the last decline from the $52.80 high to $31.26 low. This is clearly a positive sign for Ether buyers in the short term.

The pair has made a 2-hour close above $40, and formed a bullish trend line with support at $41. So, if the pair dips from the current levels, it is likely to find bids near $41-40.

Ether Price Analysis Chart

When we look at the 30-min chart of ETH/USD, there are two bullish trend lines positioned at $42. They are acting as a hurdle for a decline and may produce a bounce.

Even if there is a break, the $40 handle could act as a strong support. On the upside, the recent high near $45.60 is a resistance band. A break above it could open the doors for a retest of $50.

Important Resistance Levels

$45.60 and $48.00

Important Support Levels

$40.00 and $38.00

30-min RSI

The RSI technical is well above the 50 level, and positioning for further gains.

30-min MACD

The MACD is moving nicely 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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