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Ether Price Analysis
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ETH/USD Forecast: Resistance Turned Support





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. 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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