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ETH/USD Attempts To Reclaim Uptrend

By

Aayush

Jindal

Guest AnalystETHNews.com

Heavy US Dollar selling triggered an upside move in Ether’s price, and helped both ETH/USD and ETH/BTC in gaining bids.

Key Highlights

A weaker US Dollar helped Ether to bounce back after forming a new weekly low at $41.12 against the US Dollar.
During the upside move, the ETH/USD pair was able to move above a major resistance trend line at $45.00.
ETH/BTC also managed to crawl up and traded above the 0.040BTC resistance.

Technically, the 2-hour chart indicators are now moving nicely in the bullish territory.

Ether Price Pointing Initial Reversal Signal

Yesterday, we saw a decline in ETH/USD before it found support at $41.12. Later, it found strength for an upside move, resulting in a push above the $45.00 resistance.

Ether Price Price Analysis

Ether was seen trading with a positive bias this Wednesday, as both ETH/USD and ETH/BTC pairs gained momentum for an upside move.

There was a break above a bearish trend line at $44.10 on the 30-min chart of ETH/USD, igniting a rally. The price rocketed past the 50% Fibonacci retracement level of the last decline from the $47.43 high to $41.12 low.

The upside move was such that the price almost tested the last swing high of $47.40, which acted as a resistance. At the moment, the price is struggling to move past $47.50-48.00. As a result, there is a chance of a dip before it finds support again.

On the downside, there is a bullish trend line with support at $45 formed on the same chart. It also represents the 23.6% Fib retracement level of the last wave from the $41.12 low to $47.26 high.

Ethereum ETH/USD Forecast

It looks like there are chances of ETH/USD attempting further upsides. However, the 4-hour chart suggests that there is a major hurdle waiting on the upside near $48.00-49.00 in the form of a bearish trend line.

The price overcame one bearish trend line and now heading towards the second one at $49.00. If Ether price has to reclaim uptrend, it must close above the highlighted trend line resistance at $48.00-49.00.

Important Resistance Levels

$47.50 and $49.00

Important Support Levels

$45.00 and $44.00

2-hour RSI

The RSI technical is now above the 50 level, and looking to extend moves.

2-hour MACD

The MACD is gaining pace in the bullish 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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