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ETH/USD Remains Strong Above $48.00-47.00

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether recovered well against the US Dollar, suggesting that the ETH/USD pair is well supported on the downside.

Key Highlights

The ETH/USD pair remained capped by the $50.00 handle, but well above the $48.00 and $47.00 support levels.
Looking at the 2-hour chart, it looks like the pair is forming a wide range pattern with support at $47.00 and resistance near $51.00.
On the other hand, Ether price was seen trading lower by roughly 2% against Bitcoin.

Technically, the 6-hour chart indicators are well above their mid-levels in the bullish territory.

Ether Price to Continue Consolidating?

After the recent decline in Ether price, there was a decent recovery against the US Dollar. The price found support near an important level at $47.00 and bounced.

Ether Price Technical Analysis Chart

When we look at the 2-hour chart of ETH/USD, the pair has formed a wide range pattern. On the upside, we all know how $51.00 is acting as a monster resistance and preventing further gains.

On the downside, I think there is a nice range support building near $48.00 and $47.00. Both the mentioned levels acted as a solid barrier for sellers and prevented declines on many occasions.

The most critical is $47.00 since it is the lower range support and a weekly pivot as well. At the moment, the pair is forming a short-term contracting pattern inside the range. The triangle resistance is near $49.50, and support is at $49.00.

So, we may soon witness a short-term break either towards the range resistance or support. In any case, Ether price is well-supported on the downside.

Moving on to the 6-hour chart, it looks like the $47.00 level will again serve as a crucial support level, coinciding with a bullish trend line and a horizontal pivot support.

Ethereum ETH USD Forecast

The recent decline was completely rejected around the trend line support, suggesting it’s importance. Looking at the wave count inside the range, ETH/USD likely completed 5 waves.

There is a high possibility of Ether price gaining traction soon for another upside ride in the near term. However, buyers need to crack $51.00 for sustained gains. The overall trend is bullish, and most timeframe charts points more Ether’s strength.

Important Resistance Levels

$50.00 and $51.00

Important Support Levels

$48.00 and $47.00

6-hour RSI

The RSI is around 60, and pointing north.

6-hour MACD

The MACD is moving nicely in the bullish zone, signaling positive signs.

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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