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Ether Price Analysis
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ETH/USD Retreats, Trades Cautiously Above $41





Ether is in decline mode this morning against the US Dollar and Bitcoin, but buyer’s resiliency may contain losses in ETH/USD in the near term.

Key Highlights

The ETH/BTC pair was mostly contained in a narrow range of 0.035BTC-0.037BTC during the past two sessions.
The ETH/USD pair struggled to register any meaningful recovery, but remained above the $41.10 support.
The 30-min chart suggests that the pair is soon approaching a short-term break either below $42.50 or above $43.00.
The ETH/BTC pair was mostly contained in a narrow range of 0.035BTC-0.037BTC during the past two sessions.

Technically, the indicators are mild bearish, but with no major sign of a major decline.

Can Ether Price Gain Strength?

This week started with a minor increase in selling pressure, as both ETH/USD and ETH/BTC declined a few points. It was mostly ranging with a slight downside bias for ETH/BTC, but ETH/USD declined by roughly 2.5%.

Ether Price Analysis Chart

The 30-min chart clearly highlights the recent decline from the $45.18 high. The pair consistently faced offers and moved down towards $42.50. It is currently finding bids near $42.50, and may attempt a bounce back soon.

It looks like there is a breakout pattern (triangle) formed on the chart with resistance at $43.00 and support at $42.50. If the $42.50 support manages to contain further declines, there is a chance of ETH/USD piercing the triangle resistance at $43.00 for a fresh upside wave.

An initial resistance in that case would be around the 50% Fibonacci retracement level of the last decline from the $45.18 high to $42.56 low.

To understand the price action better, let’s move to the 2-hour chart. There is a bearish trend line formed with resistance at $44.00, and a clear crucial support at $41.10.

Ethereum ETH/USD Forecast

It looks like the price is currently in the 4th wave, which might end anywhere near the $42.00 mark. Once it completes, there is a real chance of Ether price starting an upside move as a part of the 5th wave.

However, the mentioned scenario would be invalidated if the price moves down below the last swing low of $41.12. It’s wise to keep a close watch on the highlighted support area at $41.12 in the near term.

Important Resistance Levels

$44.00 and $45.00

Important Support Levels

$41.10 and $40.00

30-min RSI

The RSI technical is way below the 50 level, but slowly recovering.

30-min MACD

The MACD is mostly bearish and currently under convergence.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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