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ETH/USD Forecast: Remains Capped By $54





ETH/USD has formed a short-term top near $53.70, and Ether price is signaling a minor downside move before the next leg.

Key Highlights

Ether fell as it failed to break an important resistance area near $54 against the US Dollar.
There is likely a double top pattern formed at $53.70 on the hourly chart of the ETH/USD pair.
ETH/BTC is just above the 0.050BTC support, and struggling to hold the psychological level.

Technically, the hourly chart presents a neutral-to-bearish stance with a downward direction.

Ether Price to Dip and Bounce?

Ether remains on the back foot due to its struggle to break the $54 resistance against the US Dollar. However, the demand cluster could easily keep the ETH/USD pair above the $50 handle.

Ether Price Analysis Chart

Similarly, the ETH/BTC pair struggled to remain above 0.055BTC, and moved towards 0.050BTC. A break below 0.050BTC might escalate downside push in the near term.

Despite the strong bounce from the $48 low in ETH/USD, there was no push above $54, as Ether price failed many times near $53.70. Looking at the hourly chart, it looks like there is a double top pattern formed near $53.70.

The price is already moving lower, and broke a bullish trend line support at $52.10. More importantly, the price is attempting a close below the neckline (double top) support at $52.00. If there is a close, there can be a downside extension towards $50.20 to complete the pattern.

The $50.20 support is crucial, representing the 50% Fibonacci retracement level of the last wave up from $48.02 to $53.71 high. So, even if the price moves down towards $50.20 or $50, it remains supported.

Ethereum ETH/USD Forecast

Ether buyers should also keep a close watch on the 6-hours chart since there are two monster bullish trend lines positioned at $50.50-50.00. They might prove significant and produce a bounce going forward.

On the upside, a break above $54 is needed to overcome the current short-term pressure. In the worst case scenario, if Ether price drops below $50, it might ignite further losses.

Important Resistance Levels

$53.00 and $53.70

Important Support Levels

$50.20 and $50.00

Hourly RSI

The RSI technical is reaching 50, and may attempt a break.

Hourly MACD

The MACD is facing and might move towards the bearish zone.

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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