Key Highlights
Ether failed time and again to break the $54 resistance against the US Dollar.
The 12-hour chart of ETH/USD suggests that the pair broke a monster bullish trend line with support at $50.
ETH/BTC failed to hold gains above 0.050BTC, and might continue to struggle in the near term.

Technically, the 12-hour chart indicators are well above their mid lines, but showing slight signs of a decline.

Ether Price Sentiment Still Positive

This past week Ether gave a couple of trade opportunities to the range traders. There were dips close to the $48 level, which acted as a strong support and ignited an upside push.

Ethereum ETH/USD Forecast

The price failed to break the $54 resistance zone, and remained confined in a range. On the other hand, the ETH/BTC pair weakened and traded from 0.055BTC to 0.045BTC.

Let’s start with the 12-hour chart of ETH/USD to understand the price action. It is quite clear that the $53.50-$54 area is acting as a strong barrier for buyers, as it prevented an upside move more than a couple of times.

Finally, there was a downside push, and the pair broke a monster bullish trend line with support at $50.00. However, the main question is whether the mentioned trend line break is real or not. In my view, it’s a real break, but not convincing.

The price is not able to close below $48 (Daily close), which is also the range support. Unless there is a proper close below $48, it’s hard to call the trend line break as a major downside move.

If Ether price closes below $48, it might spark more downsides in the near term. Until then, there are chances of a bounce back towards the range high near $53.50-54.

Ether Price Weekly Analysis Chart

When we drop down to the 2-hour chart of ETH/USD, the pair recently broke a bearish trend line with resistance at $49.80. On the downside, there is a connecting bullish trend line with support at $49.80-49.70.

If the price continues to stay above the highlighted trend line support, it could trade higher. However, gains might be limited as long as $54 is intact.

Weekly Resistance Levels

$53.50 and $54.00

Weekly Support Levels

$48.00 and $47.00

12-hour RSI

The RSI technical is well above the 50 level, but heading a bit lower.

12-hour MACD

The MACD is nicely placed in the bullish zone.
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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Ether Technical Analysis

08-17-2017 ETH/USD Forecast: About to Explode?
04-03-2017 ETH/USD Forecast: Upside Limited, More Losses Possible
04-02-2017 ETH/USD Weekly Forecast: Right Time To Buy Ether?
04-01-2017 ETH/USD Forecast: Ether Attempting Major Break
   

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