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ETH/USD Retreats, Trades Cautiously Above $41

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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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