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.
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Ether Technical Analysis

08-17-2017 ETH/USD Forecast: About to Explode?
03-28-2017 Ether Price Uptrend At Risk?
03-27-2017 ETH/USD Forecast: Monitoring Resistance at $52-53
03-26-2017 ETH/USD Weekly Forecast: Ether In Clear Uptrend

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