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Ether Price Uptrend At Risk?

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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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