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ETH/USD Forecast: Ether Holding Crucial Support

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether after a dip against the US Dollar, held the $41.20 support, and points to positive signs on the hourly chart.

Key Highlights

Ether price recovered a few points against the US Dollar, as the NFP report in the US failed to meet the forecast.
It looks like the ETH/USD pair is forming a double bottom pattern near the $41.20 level.
There was no major upside in ETH/BTC, as Bitcoin price remains elevated.

Technically, the hourly chart indicators started moving away from the bearish territory and reaching their mid-lines.

Ether Price Forming a Double Bottom?

Yesterday Ether price made an attempt to trade above the $45.10 resistance against the US Dollar, but failed. A crucial bearish trend line with resistance near $45.10 acted as a perfect barrier for the ETH/USD pair, resulting in a downside move.

Ether Price Technical Analysis

However. the downside move was prevented around the $41.50 level. There was no test of the last swing low at $41.12, which is a positive sign.

As the pair recovered, Ether price bounced sharply above a bearish trend line on the hourly chart with resistance at $42.50. The candle breaking the trend line resistance looks solid, suggesting a strong rejection from the swing low.

In my view, there is likely a double bottom pattern forming on the hourly chart around $41.20. Two swing lows are formed above $41.00, resulting in an upside move.

The price has already broken a major hurdle, and now needs to clear the $45.00 resistance to gain pace for further gains. The mentioned resistance also represents the 61.8% Fibonacci retracement level of the last decline from the $47.26 high to $41.20 low.

Ethereum ETH/USD Forecast

If the price succeeds in breaking $45.00, there can be a retest of $47.50, which is another important resistance. A close above $49 is must for sustained monthly gains in ETH/USD.

Looking at the 4-hour chart, the pair is attempting a close above a bearish trend line at $43.50-44.00. On the upside, another trend line is waiting near $47.00. The price is showing positive signs with a double bottom pattern near $41.20, but faces many hurdles on the way up.

Important Resistance Levels

Important Resistance Levels

Important Support Levels

$42.50 and $41.10

4-hour RSI

The RSI technical has started moving north and currently above 35.

4-hour MACD

The MACD is likely forming a base for a slope change.

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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