ETH/USD Forecast: Struggling To Gain Momentum
|Ether price struggled during the past two sessions, and failed to hold gains against the US Dollar.|
|There is a clear resistance formed near $45-46, looking at the 2-hour chart of the ETH/USD pair.|
|The 6-hour chart suggests that the pair is soon approaching a short-term break.|
Technically, the 6-hour chart indicators are well placed in the bullish territory with no sign of sellers.
Ether Price to Retest $40-38 Support?
It looks like Ether price is struggling to hold the recent gains above $40 against the US Dollar. During the past 2 days, it attempted on a couple of occasions to break the $45-46 resistance area, but failed.
Similarly, the ETH/BTC pair struggled to remain above the 0.042BTC support area, and now trading below an important support area of 0.040BTC.
Looking at the 2-hour chart of ETH/USD, there is a clear barrier above $45. It is acting as a major resistance and preventing further gains. The pair is currently trading above two bullish trend line with support at $42 and $41.
Both highlighted trend lines hold a lot of importance, as a break below them could ignite a downside move in Ether price. On the upside, a 2-hour close above $46 is needed for buyers to step up the momentum. The stated level also coincides with the 61.8% Fibonacci retracement level of the last decline from the $52.80 high to $31.26 low.
So, a close above the stated technical level is must for the price to trade further higher. Once is happens, it may open the doors for a move towards the $50 handle.
When we look at the 6-hour chart of ETH/USD, there is a crucial bearish trend line acting as a resistance near $44-45. On the downside, there is a bullish trend line with support above $40.
So, we can say, there is a breakout pattern forming on the chart with support around $41-40 and resistance at $45-46.