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ETH/USD Forecast: Ether Sellers Remain Resilient

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether has had a range bound session against the US Dollar, but it looks like there was a slight shift in the market sentiment for ETH/USD.

Key Highlights

Ether price followed a downward slope against the US Dollar, but still remains above the last low of $41.12.
There is a crucial bearish trend line on the 2-hour chart of ETH/USD, acting as a resistance near $45.00-45.10.
ETH/BTC faced continuous offers and declined below 0.038BTC.

Technically, the 2-hour chart indicators extended declines below the mid-lines in the bearish territory.

Ether Price Heading Towards a Break?

There was no respite for Ether buyers, as the price failed to hold the bullish momentum against the US Dollar. The price action was even worse for ETH/BTC, as the pair declined towards 0.036BTC.

Ether Price Analysis Chart

It is quite clear looking at the 2-hour chart of ETH/USD that the pair is forming a lower high pattern. There is a crucial bearish trend line formed with resistance near $45.00-45.10.

The last decline was the result of a failure to break the same trend line at $47.40. It’s a descending trend line with current resistance at $44.90. There is also a connecting bearish trend line just below it at $45.00.

The price recently declined towards $42.50 where it found support, a good sign, since there was no test of the last swing low of $41.12. As per my yesterday’s view, as long as the price stays above the last swing low, the price could recover in the near term.

A connecting bullish trend line is forming with support at $42.60. We can say that there is a contracting breakout pattern forming with resistance at $45.10 and support at $42.50. A break below $42.50 may call for a test of $41.12.

Ethereum ETH/USD Forecast

Similarly, a push above $45.10 might ignite an upside move towards $47.50 or even $49.00 resistance. Looking at the 6-hour chart, there is a clear gloom building near the $48.00- 49.00 resistance.

If the price moves higher, it won’t be easy for Ether buyers to clear the mentioned resistance. In my view, we may see a few more ranging move before the price makes an attempt to break $49.00.

Important Resistance Levels

$45.10 and $47.50

Important Support Levels

$42.50 and $41.10

2-hour RSI

The RSI technical is well below the 50 level, and attempting a bounce back.

2-hour MACD

The MACD is struggling and remains in 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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