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ETH/USD Forecast: Upside Surge Capped By $51

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price traded with a nice bullish momentum against the US Dollar and Bitcoin, but later ETH/USD struggled to hold gains.

Key Highlights

The ETH/USD pair popped higher above $50.00, but failed near a major resistance area around $51.00
The pair is now back below the $50.00 handle and looks to extend the current correction.
The ETH/BTC pair remained supported, maintaining it's gains and trading near 0.041BTC.

Technically, the hourly chart indicators are signaling a short-term downside move.

Ether Price to Hold $47?

Yesterday, we saw a clear close above $45.60 resistance in ETH/USD. It prompted further buying interest, and later the pair was able to break the 61.8% Fibonacci retracement level of the last decline from the $54.00 high to $41.10 low at 49.00.

Ether Price Analysis Chart

The pair failed to break a major hurdle near $51.00. It traded as high as $50.92, faced a lot of offers, and started a downside move.

It is important to note that an ascending channel was formed on the hourly chart of ETH/USD, which was broken during the downside move at $49.50. It even broke the $50.00 handle, and settled below the stated level.

As the downside move was extended, Ether price moved towards below the 23.6% Fibonacci retracement level of the last wave from the $42.60 low to $50.92 high. The last few candles on the hourly chart suggests a short-term top, and start of a correction wave.

Looking at the current price action, it looks like the price may head towards the 38.2% Fibonacci retracement level of the last wave from the $41.10 low to $50.92 high, which is at $47.10. So, if there is an extended correction, the price may find support just around $47.00

Ethereum ETH/USD Forecast Chart

When we look at the 4-hour chart of ETH/USD, there is a clear rejection near a crucial resistance area around $51.00. The same level stopped the upside move earlier as well.

Let’s hope the pair is not forming a double top pattern near $51.00, and holds the $47.00 support area. A failure to hold $47.00 could spark a double top pattern with a chance of a move towards $41.00. If it holds, there is a possibility of ETH/USD retesting $50.00.

Important Resistance Levels

$49.00 and $50.80

Important Support Levels

$47.10 and $46.80

Hourly RSI

The RSI technical is still above the 50 level, but heading towards it.

Hourly MACD

The MACD has moved from the bullish to 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. 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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