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.
Disclaimer:
The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

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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