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ETH/USD Forecast: Ether Lacking Bullish Momentum

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether traded in a tight range against the US Dollar and Bitcoin yesterday, and it looks like ETH/USD is struggling to gain traction for an upside move.

Key Highlights

The ETH/USD pair is struggling to build on the ongoing recovery momentum from the $41.10 low.
The 6-hour chart suggests that the pair is trading just below two bearish trend lines with resistances at $44.10 and $45.00.
The ETH/BTC pair is struggling to gain bullish momentum, and remains capped by 0.037BTC.

Technically, the 2-hour chart indicators are looking to move from the bearish to bullish territory.

Ether Price Forming Base for Upside Move?

Despite meeting renewed buying interest, Ether failed to post gains against the US Dollar and Bitcoin. It mostly traded in a range and looks like consolidating for the next move.

Ether Price Analysis Chart

However, there are a few positive signs on the 2-hour chart of ETH/USD, as the pair broke a couple of resistance levels near $43.00. There was a bearish trend line which was cleared recently at $43.10, but there was no real momentum after that.

The price slowly moved down, but the same trend line slope is now acting as a support. A bullish trend line is now positioned on the downside at $43.00 to act as a support.

It looks like the 50% Fibonacci retracement level of the last decline from the $47.09 high to $41.27 low is acting as a resistance and preventing further gains. If the price holds the highlighted trend line support above $43.00, it may challenge the $44.10 resistance again.

On a positive note, the recent downward pressure on Ether is easing, and the odds for extension towards $40.00 have diminished. We need to see whether the current rebound can help the price to break through the $44.10 and $45.00 resistance levels or not.

Ethereum ETH/USD Forecast

Looking at the 6-hour chart of ETH/USD, it looks like the pair is currently trading near crucial juncture. There are two bearish trend lines acting as a resistance and preventing further gains above $45.00. If the price succeeds in breaking that resistance, bullish focus may shift towards a sustained buying interest beyond $47.00, surpassing the horizontal resistance.

 However, a decisive weakness back below the $41.00 support, would negate any expectations of further lateral movement in the short term. 

Important Resistance Levels

$44.10 and $45.00

Important Support Levels

$43.00 and $41.00

2-hour RSI

The RSI technical is struggling to settle above the 50 level.

2-hour MACD

The MACD has just entered into the bullish 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

ETHNews is commited to its Editorial Policy

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