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ETH/USD Forecast: Resistance Turned Support

By

Aayush

Jindal

Guest AnalystETHNews.com

A correction wave is underway for both ETH/USD and ETH/BTC, and Ether price may soon find support around a previous resistance.

Key Highlights

The ETH/USD pair is currently correcting lower from the $50.92 high, and may trade towards a major support area.
One of the previous resistance zones near $45 may now serve as a support area.
The ETH/BTC pair also weakened overnight and moved below the 0.040BTC support.

Technically, the 2-hour chart indicators are pointing short-term weakness and bending lower.

Ether Price Heading Towards Support

The ETH/USD pair after trading as high as $50.92 failed to hold the bullish momentum, and started a correction wave yesterday. The ETH/BTC pair was seen holding the 0.040BTC-0.041BTC support, but later, it also faced selling pressure and moved down.

ETH/USD Ethereum Forecast

It looks like Ether price is setting up for an extended correction against the US Dollar and Bitcoin. Looking at the 2-hour chart of ETH/USD, the pair has already moved below the 23.6% Fibonacci retracement level of the last wave from $42.13 low to $50.92 high.

The last few candles are pretty bearish, signaling selling pressure. A major support is waiting near $45.00. The stated level was a crucial resistance earlier, and now may act as a support.

The $45 support also coincides with the 61.8% Fibonacci retracement level of the last wave from the $42.13 low to $50.92 high. There are chances of it holding the current downside move in the short term.

On the other hand, if the $45-44 support area fails to hold the current correction wave, there is a possibility of Ether price retesting the last swing low at $42.

Ether Price Technical Analysis Chart

When we look at the 30-min chart of ETH/USD, the pair after trading as low as $46.22, started an upside move. It recently broke a bearish trend line with resistance at $47.05.

It is a good signal considering short-term view as there is tiny connecting bullish trend line forming with support at $47.05. In my opinion, there is a chance of a dip towards $45.00 to fill buy orders before the next wave.

Important Resistance Levels

$49.00 and $50.80

Important Support Levels

$47.00 and $45.00

30-min RSI

The RSI technical is recovering the 70 level, and heading north.

30-min MACD

The MACD has started reducing the bearish slope.

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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