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ETH/USD Forecast: Crucial Support is Nearby

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price plummeted during the past two sessions against the US Dollar and Bitcoin, but ETH/USD is currently recovering modestly.

Key Highlights

Ether faced continuous selling pressure, resulting in a decline towards $49 against the US Dollar.
Yesterday’s highlighted double top pattern was successful, as the ETH/USD pair fell towards $50.
ETH/BTC failed to hold the 0.050BTC psychological level, and traded towards 0.047BTC.

Technically, the hourly chart indicators started recovering after testing oversold levels.

Ether Price Remains Supported?

A firmer dollar ignited a downside reaction in Ether’s price during the past two sessions. Both ETH/USD and ETH/BTC were pressured, but the current moves cannot be considered as a trend change.

Ether Price Analysis Chart

Yesterday, we saw a double top pattern near $53.70 on the hourly chart, and anticipated a downside move below the neckline support at $52.00. The price did move down, and declined towards $50.00.

It not only tested the $50.20 support zone, but moved below $50.00. The price traded as low as $48.97 where buyers emerged. It found support in front of the 55 and 100-hour SMAs, but was unable to fully breach $50.00.

At the moment, ETH/USD is recovering, but likely to face resistance near $51.50-52.00. In my view, the broken neckline support at $52.00 might act as a hurdle. Also, there is a bearish trend line formed on the hourly chart with current resistance at $51.50.

The $51.50 barrier also coincides with the 50% Fibonacci retracement level of the last decline from the $53.71 high to $48.997 low. So, if the pair continues to move higher, it could face resistance near $51.50 and $52.00.

Ethereum ETH/USD Forecast

On the downside, an initial support is at $49.00, but the important one is near the monthly pivot at $48.00. When we look at the 4-hour chart of ETH/USD, it looks like the pair has formed a crucial consolidation phase.

On the upside, the range resistance is near $54, and on the downside, support lies at $48.00. That’s why I think, even if the price declines further, it remains supported for a bounce back towards $52.00 or even $53.00.

Important Resistance Levels

$51.50 and $52.00

Important Support Levels

$49.00 and $48.00

Hourly RSI

The RSI technical is currently below 50, but heading north.

Hourly MACD

The MACD is recovering from the bearish zone, and moving towards its mid line.

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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