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ETH/USD Forecast: Back Trading In Range

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether gave away its yesterday’s gains against the US Dollar and Bitcoin, but both ETH/USD and ETH/BTC remain supported on the downside.

Key Highlights

Ether price retreated after trading close to yesterday’s highlighted resistance area at $47.50 against the US Dollar.
The ETH/USD pair corrected lower, but found support well above the last low of $41.12.
It looks like both ETH/USD and ETH/BTC pairs may trade in a range before making the next move.

Technically, the hourly chart indicators are under divergence, and slowly recovering from the bearish territory.

Ether Price to Gain Momentum?

Yesterday, we analyzed how ETH/USD started an upside move from the $41.12 low. However, it faced continuous offers near $47.5 resistance, which resulted in a downside move.

Ether Price Analysis Chart

Similarly, the ETH/BTC pair faced offers above 0.041BTC, and declined below 0.040BTC. An increase in buying interest for Bitcoin resulted in downside pressure.

Looking at the hourly chart of ETH/USD, the pair was down from $47.44 and traded close to the $43.00 support zone where it found a bullish trend line, which prevented additional losses.

The $47.5 resistance also represents the 50% Fibonacci retracement level of the last decline from the $50.82 high to $41.12 low. So, it was a perfect technical level of the pair to complete a wave.

Once the correction was complete, the price declined below $45.00. Ether was able to close above the last swing low of $41.12, signaling a potential surge.

 It would be interesting to see whether the price can break $47.50 or not. If it fails, there could be a pennant range formation for the next move. On the other hand, if there is a push above $47.50, the price could attempt a test of all-important $49.00.

Ethereum ETH/USD Forecast

The 4-hour chart of ETH/USD clearly highlights the importance of $49. There is a bearish trend line at $48.50-49.00. Also, the previous support at $49.00 may now act as a hurdle.

In my view, we may see ETH/USD trading in a range with support above $42.00 and resistance at $49.00 in the near term before the next move.

Important Resistance Levels

$47.50 and $49.00

Important Support Levels

$44.00 and $42.00

Hourly RSI

The RSI technical is currently below the 50 level, and heading north.

Hourly MACD

The MACD is attempting a recovery from 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

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