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.
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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Ether Technical Analysis

08-17-2017 ETH/USD Forecast: About to Explode?
04-23-2017 ETH/USD Weekly Forecast: Ether Primed For Lift-Off
04-22-2017 ETH/USD Closing In On Range Support
04-21-2017 ETH/USD Remains Strong Above $48.00-47.00
   

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