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ETH/USD Forecast: Perfect Dip And Bounce

By

Aayush

Jindal

Guest AnalystETHNews.com

Ethers’ demand increased, as both ETH/USD and ETH/BTC continued to move higher and posted new all-time highs.

Key Highlights

There was a minor dip in ETH/USD yesterday before the pair resumed its uptrend.
The upside move was strong, as Ether price was able to move past $70.00 against the US Dollar.
The ETH/BTC pair also enjoyed more than 10% gains and was seen trading above 0.052BTC.

Technically, the hourly chart indicators are once again around the same position, as they were yesterday.

Ether Price Remains Supported on Dips

Yesterday, we saw a 5-wave rising pattern in ETH/USD completing near $68.21. A counter dip looked to form around $65.00 or $64.00 before the pair moved higher once again.

Ether Price Technical Analysis Chart

Ether surpassed the $70.00 mark, setting a new all-time high at $71.61. Clearly in major bullish territory, the currency will look to continue gains in the near term.

Let’s start with the hourly chart of ETH/USD. The pair dipped yesterday towards $62.00, acting as a strong support area, representing the 38.2% Fibonacci retracement level of the last wave from the $54.00 low to $68.00 high.

A strong buying interest emerged around $62.00, igniting yet another upside move. The price moved higher, breaking the last swing high at $68.21 and clearing $70.00 to trade as high as $71.61.

At the moment, ETH/USD is facing offers above $71.00 and may enter a correction wave. There are a couple of bullish trend lines being formed with support at $66.00 and $65.00. An initial support is at $68.00, which also around with the 38.2% Fibonacci retracement level of the last wave from the $61.86 low to $71.61 high.

Ethereum ETH USD Forecast

It looks like the pair may continue to correct lower towards $68.00 or even $66.00 where it could find support.

The 4-hour chart of ETH/USD is currently showing no sign of a top, which means the bullish trend is intact.

Important Resistance Levels

$71.00 and $74.00

Important Support Levels

$68.00 and $66.00

4-hour RSI

The RSI is heading further into the overbought levels.

4-hour MACD

The MACD is moving nicely in the bullish zone.

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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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.