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ETH/USD Forecast: Indecision Time For Ether

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price failure to close below $40 yesterday against the US Dollar is good for buyers, but the ETH/USD pair is still stuck in a range.

Key Highlights

A move below the $40 handle in Ether price against the US Dollar quickly faded with strong bids.
The ETH/USD pair is back trading above the $40 support, but remains slightly at a risk.
As long as the pair is below the $43, it may find it difficult to extend gains in the short term.

Technically, the hourly chart indicators mostly point indecision with a minor bearish bias.

Can Ether Price Overcome $43?

In yesterday’s analysis we discussed that if Ether sellers step in, there is a possibility of ETH/USD extending declines below $40.0 against the US Dollar. The ETH/USD pair did slide below $40, but losses were limited.

Ether Price Analysis Chart

The pair after trading as low as $39 recovered quickly and moved back above the $40 handle. It is a sign that the price is well supported above the $38 level. However, at the same time, it is facing a crucial resistance around the $42.5 and $43 levels.

The recent bounce from the $39 low found sellers near the mentioned resistance. There is a clear confluence resistance area formed with two bearish trend lines on the hourly chart. The $42.5 level already acted as a barrier once this week.

So, it is safe to say that the price is facing a major resistance just around the $43 level, and it won’t be easy for Ether buyers to overcome it.

On the downside, there is a connecting support trend line formed with current support at $38. If the pair dips from the current levels, it is likely to find support on the downside. At the moment, the highlighted shooting star candle signals a minor dip in ETH/USD.

Ethereum ETH/USD Forecast

When we look at the 4-hour chart of ETH/USD, there are a few positive signs. The most important one is a bullish trend line with support at $38. It might play a significant role in the near term.

In my view, the price is well supported on the downside. If the current structure completes in a 3-wave pattern, ETH/USD might retest $43 where sellers could take a stand.

Important Resistance Levels

$42.5 and $43.00

Important Support Levels

$40.00 and $38.00

Hourly RSI

The RSI technical is now back above the 50 level.

Hourly MACD

The MACD is slightly in the bearish zone with a divergence.

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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