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Ether Price Analysis
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Ether Price Uptrend At Risk?





Ether’s price decline of more than 12% against Bitcoin has increased bearish pressure on ETH/USD, putting the current trend at risk.

Key Highlights

Yesterday’s peak in Ether price at $53.01 against the US dollar was followed by a minor reversal.
The intraday bias is slightly negative for ETH/USD, as the pair faces continuous offers.
There was a strong downside move in ETH/BTC, putting pressure on Ether buyers.

Technically, the 2-hour chart indicators are slowly heading lower, and moving away from the bullish territory.

ETH/USD Edging Lower

Does the recent lull in Ether price present an opportunity to buy? The sense is that the ETH/USD trend is still intact, but there is room for further correction. The main reason for an increase in the bearish pressure is more than 12% decline in ETH/BTC.

Ether price was seen struggling against the Bitcoin, resulting in downside pressure on ETH/USD. ETH/BTC was down from 0.051BTC to 0.045BTC.

Ether Price Analysis Chart

Looking at the 30-min chart of ETH/USD, it looks like there is a declining structure in place with a lower low pattern. In yesterday’s analysis, I highlighted the importance of $52 resistance. It acted as a strong barrier and produced a downside move.

The price fell from $52 to $48.02 where it found support. A recovery wave was initiated, but was protected near a bearish trend line at $50. A lower low is now at $50.10, and can be considered as today’s pivot. It also represents the 50% Fibonacci retracement level of the last decline from the $52 high to $48 low.

The price is already moving lower after failing to clear $50, which means there is a risk of Ether price retesting $48. Clearly, the price is struggling in the short term, and it can be seen in the 2-hour chart as well.

Ethereum ETH/USD Forecast

The ETH/USD pair is attempting a close below two major bullish trend lines with support at $50. If there is a proper close, and we have back to back bearish candles, then there is a chance of further declines.

Overall, if Ether price fails to regain the $50 handle today, it might extend the current downside move.

Important Resistance Levels

$50.00 and $52.00

Important Support Levels

$48.00 and $45.00

2-hour RSI

The RSI technical is just above the 50 level, and attempting a break.

2-hour MACD

The MACD is slowly losing the bullish momentum.

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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