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ETH/USD Forecast: Remains Capped By $54

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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

ETHNews is commited to its Editorial Policy

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