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.
Disclaimer:
The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Ether Technical Analysis

08-17-2017 ETH/USD Forecast: About to Explode?
04-15-2017 ETH/USD Forecast: Resistance Turned Support
04-14-2017 ETH/USD Forecast: Upside Surge Capped By $51
04-13-2017 Ether Price Soars; Sets Eyes on $50
   

Subscribe to our Newsletter

* indicates required
Email Address *
First Name
Last Name
Country
News Categories of Interest