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ETH/USD Forecast: Monitoring Resistance at $52-53

By

Aayush

Jindal

Guest AnalystETHNews.com

ETH/USD keeps on pushing higher towards key resistance at $52, and it looks like Ether price is finding it hard to break the mentioned resistance.

Key Highlights

On Monday morning Ether started the day’s trading session moving lower against the US Dollar.
The ETH/USD pair was seen struggling to clear the $52-53 resistance area.
ETH/BTC pair started a correction from the 0.055BTC level, and moved towards 0.050BTC.

Technically, the 6-hour chart indicators are heading north above their mid-lines, suggesting a bullish bias.

Ether Price Correcting Lower?

Today, Ether price weakened a few points due to broad dollar’s strength and its failure to break the $52 and $53 resistance levels. The price was also seen correcting lower versus Bitcoin, as ETH/BTC moved down from 0.055BTC to 0.050BTC.

Ether Price Analysis Chart

During early morning hours, the ETH/USD pair moved down after failing to clear the $52 resistance. It weakened and broke a bullish trend line with support at $51 on the 30-min chart.

Moreover, the pair also traded below the 23.6% Fibonacci retracement level of the last wave from the $48.90 low to $52.02 high. It means there is a chance that Ether price might test the 50% Fibonacci retracement level of the same wave at $50.

The recent break can be considered as a short-term pullback towards $50 or even $48. An intermediate support is at $49, which is also a daily pivot (as highlighted on the chart). On the upside, the pair is clearly facing strong offers near $52.

There are two trend lines meeting at $52, and acting as a strong hurdle for further upsides in ETH/USD. Looking at the 6-hour chart, the pair is clearly approaching a break.

Ethereum ETH/USD Forecast.

On the upside, there is a rejection zone near $52-53, which is stopping Ether price from moving towards $60. However, if those levels are broken, it is extremely possible that ETH/USD would jump to the $60 mark.

At the same time, there is a crucial connecting bullish trend line with support at $48. So, if the price dips towards $49 or $48, it may find support for another push higher.

Important Resistance Levels

$52.00 and $53.00

Important Support Levels

$50.00 and $48.00

30-min RSI

The RSI technical is about to break the 50 level.

30-min MACD

The MACD is losing grip on shorter timeframe charts, and reducing the bullish slope.

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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