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Ether Price Analysis
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ETH/USD Closing In On Range Support





Ether failed to continue with the recovery against the US Dollar in the short term, and now ETH/USD is testing a crucial range support.

Key Highlights

If it fails to hold the $48 support, a test of the lower end support at $47 is possible.
There was a minor decline in the ETH/USD pair, as there was no close above the $50.00 handle.
A contracting triangle pattern formed on the 2-hour chart was broken for a push towards the $48.00 range support.
If Ether fails to hold the $48.00 support, a test of the lower end support at $47.00 is possible.

Technically, the 30-min chart indicators are sharply moving lower in the bearish territory.

Ether Price to Bounce from Support?

In yesterday’s analysis, we saw a short-term contracting pattern on the 2-hour chart of ETH/USD, and were looking for a break either towards the range resistance or support.

Ethereum ETH USD Forecast

The pair moved down, broke the triangle support at $49.00, opening the doors for a move towards the range support at $48.00. It has already tested the $48.00 support once and failed to break it. The current H2 candle is positive, suggesting the price may recover in the near term.

 A break below $48.00 could lead to further declines, testing the lower end of the range support around $47.00. It is a crucial support and may play a key role for Ether price.

On the upside, an initial resistance is now at $49.00. It also represents the 50% Fibonacci retracement level of the last drop from the $50.05 high to the recent low near $48.00.  Above $49, the next hurdle is around the $50.00 handle.

 A bounce from the range support could signal an attempt to challenge the all-important $50.00 range resistance.

Ether Price Technical Analysis Chart

Looking at the 30-min chart of ETH/USD, the pair is following a declining path with two bearish trend lines and resistances at $48.50 and $48.65.

At the moment, the pair is attempting a recovery from the $48.00 support. A break above these trend lines is needed for a sustained move towards $49.00 and $50.00. In my view, we can see a minor downside push one more time before Ether price recovers.

Important Resistance Levels

$49.00 and $50.00

Important Support Levels

$48.00 and $47.00

2-hour RSI

The RSI has moved below the 50 level with a divergence.

2-hour MACD

The MACD is currently in the bearish zone, but getting stable.

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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