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ETH/USD Forecast: Quiet Trading On Easter Monday

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether traded slightly lower against the US Dollar, but further losses are unlikely considering low volume trading on Easter Monday.

Key Highlights

The ETH/USD pair continued to trade below the $51.00 resistance against the US Dollar, but also held the $48.00 support.
The 2-hour chart suggests that the pair is under slight bearish pressure, breaking a bullish trend line at $48.70.
The ETH/BTC pair just managed to hold on to gains above the 0.040BTC support.

Technically, the 2-hour chart indicators are still bullish with slight downside momentum.

Ether Price Trading In Range

On late Sunday evening, there was a spike in Ether price towards $51.00 against the US Dollar, but the ETH/USD pair once again failed to break the stated resistance and posted an intraday high of $50.83.

Ether Price Analysis Chart

On the other hand, there was no major move versus the Bitcoin, as ETH/BTC managed to hold on to gains above the 0.040BTC support.

When looking at the 30-min chart of ETH/USD, there was a false break above $50.00, as the price quickly reversed gains. On the upside, the $49.05 level is acting as a short-term resistance with more than 4 failures.

The recent failure ignited a downside move in Ether price, as it traded towards $48.00. There is a minor bearish trend line formed with resistance at $48.25, however, there is a connecting support trend line at $47.80.

If the price extends the current decline, it is likely to find buyers near $48.00 or $47.80. A break on the upside above the highlighted bearish trend line could push the price towards the $49.00-49.05 resistance.

Ethereum ETH USD Forecast

Looking at the 2-hour chart of ETH/USD, there is a double top formation near $50.90, however, it may not be considred as a perfect pattern, as the move was likely a false break.

On the bearish front, one thing is worrying. The price broke a bullish trend line with support at $48.70. If this break is true, and the price moves below the 23.6% Fibonacci retracement level of the last wave from the $42.13 low to $50.92 high, there are chances of more declines in Ether price. 

Important Resistance Levels

$49.05 and $50.90

Important Support Levels

$48.00 and $47.80

30-min RSI

The RSI technical just moved below the 50 level, and moving south.

30-min MACD

The MACD is mostly bearish, signaling short-term negative bias.

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

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