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ETH/USD Forecast: Struggling To Gain Momentum





Ether price is trading in a range against the US Dollar, and it looks like ETH/USD is preparing for a break with resistance at $46 and support near $41.

Key Highlights

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.

Ether Price Analysis Chart

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.

Ethereum ETH/USD Forecast

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.

Important Resistance Levels

$45 and $46.00

Important Support Levels

$41.00 and $40.00

2-hour RSI

The RSI technical is slowly heading lower, but remains above the 50 level.

2-hour MACD

The MACD is slowly losing the grip, but still 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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