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ETH/USD Forecast: What Does Recent Decline Means?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether failed completely near $51.00 against the US Dollar and declined. Can the recent move in ETH/USD be considered as a correction?

Key Highlights

The ETH/USD pair failed completely near the all-important $51.00 resistance, and traded lower.
There was a sharp decline, but the pair was able to hold yesterday’s highlighted bullish trend line on the 4-hour chart.
The ETH/BTC pair was also under pressure with a close below 0.040BTC.

Technically, the hourly chart indicators moved heavily into the bearish territory, and struggling to recover.

Ether Price Still Remains Supported?

Yesterday, we saw how Ether price was approaching towards a crucial break above $51.00 against the US Dollar. Unfortunately, sellers had the upper hand, as ETH/USD failed to settle above that mark.

Ether Price Technical Analysis Chart

As a result, there was a sharp downside move. The pair failed to hold the 50% Fibonacci retracement level of the last wave up from $47.95 to $51.02, and yesterday’s highlighted bullish trend line with support at $50.50. ETH/USD even broke the last swing low at $47.95 to form a new low at $46.75.

There was a proper test of the 1.236 extension of the last wave up from $47.95 to $51.02. Later, the price formed a base, and started a correction. It moved above the $48.00 resistance and broke the 23.6% Fibonacci retracement level of the last decline from $51.02 to $46.75.

It looks like the correction may end soon, as the price is currently facing a bearish trend line on the hourly chart at $49.20. The same area also represents the 50% Fibonacci retracement level of the last decline from $51.02 to $46.75.

Ethereum ETH USD Forecast Chart

On a positive note, ETH/USD was able to hold a major bullish trend line on the 4-hour chart around $47.00. The current bounce is convincing, but the pair needs to gain momentum for a move towards $50.00. Otherwise, there is a risk a break below the trend line support.

Overall, it is not easy for Ether price to clear $51.00, but as long as it holds $47.00 and $45.00, there are chances of further gains.

Important Resistance Levels

$49.50 and $51.00

Important Support Levels

$48.00 and $47.00

Hourly RSI

The RSI technical is recovering from the oversold readings.

Hourly MACD

The MACD has moved sharply into the bearish zone with a divergence.

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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