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Ether Price Analysis
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ETH/USD Forecast: Ether Stays Below Resistance





Ethers’ price sustained gains above $50.00 against the US Dollar, but it looks like ETH/USD might fail to hold the stated level today.

Key Highlights

There was little change intraday, with the ETH/USD pair trading in a range above $50.00.
The hourly chart suggests that the pair broke a short-term support at $50.30, which may ignite a downside reaction.
The 4-hour ETH/USD chart points to a fading bullish momentum, setting the stage for a possible decline vs the US Dollar.

Technically, the 2-hour moved back in the bullish territory with positive momentum.

Ether Price Short-term Bearish?

Ether remained almost unchanged on Tuesday morning against the US Dollar and Bitcoin. It looks like the short-term market sentiment is fading and could result in a minor downside move.

Ether Price Technical Analysis Chart

The hourly chart of ETH/USD suggests that the pair is losing momentum after breaking a major channel support area at $50.30. Earlier, the pair traded as high as $50.49, faced sellers and moved down.

At the moment, yesterday’s pivot at $50.00 is preventing downsides and holding the trend. On the upside, there is a tiny connecting bearish trend line with resistance at $50.30.

It remains to be seen whether the pair breaks the $50.30 resistance or clears the $50.00 support for an extended correction wave.

A break below $50.00 could lead to a move towards the 50% Fibonacci retracement level of the last wave up from $48.13 to $50.49. The next major support after $50.00 is $49.00-48.80.

Alternatively, a break and close above $50.30 might ignite a fresh rally, leading Ether price towards the all-important $51.00 resistance area.

We can clearly see the mentioned resistance on the 4-hour chart of ETH/USD. At the moment, it looks like the pair is losing momentum, considering the last two candles.

Ethereum ETH USD Forecast

There is a high possibility that the pair may not test $51.00 in the current wave, and might move down back below the $50.00 support area.

We may see more ranging moves today between $49.00-50.50, as it is my view, that presently, there is no reason for any major move.

Important Resistance Levels

$50.50 and $51.00

Important Support Levels

$50.00 and $49.00

Hourly RSI

The RSI is showing signs of a short-term top.

Hourly MACD

The MACD is still in the bullish 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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