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.
Disclaimer:
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?
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04-25-2017 ETH/USD Forecast: Ether Stays Below Resistance
04-24-2017 ETH/USD Forecast: Ether Rallies From $48
   

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