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ETH/USD Forecast: Quiet Trading On Easter Monday





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. 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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