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Ether Price Analysis
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ETH/USD Forecast: Short Term Breakdown





Ether started a correction after trading above $100.00 against the US Dollar. It looks like ETH/USD may continue to decline on previous gains in the short term.

Key Highlights

The ETH/BTC pair also started a short-term correction, and currently trading below 0.060BTC.
A correction wave was initiated in ETH/USD, as the pair broke the $95.00 support yesterday.
The pair is likely to dip once more towards the $92.00-90.00 support.
The ETH/BTC pair also started a short-term correction. Currently trading below 0.060BTC.

Technically, the 2-hour chart indicators have started to retreat from the overbought levels.

Ether Price Correction Underway

It looks like Ether’s bullish trend was exhausted after piercing the $100.00 level against the US Dollar. Similarly, the ETH/BTC pair failed to hold the 0.060BTC handle, and started a downside move.

Ether Price Technical Analysis Chart

A substantial correction wave was initiated yesterday, as the ETH/USD pair moved down, and broke the $95.00 support area to trade towards $90.00. Before initiating a downside move, the pair broke a bullish trend line at $99.00 on the 30-min chart.

There was a sharp decline in Ether price, as it even failed to respect the $95.00 support area, and traded close to the $90.00 handle where it found support.

A recovery was initiated from the $90.33 low, and the price moved above the 23.6% Fibonacci retracement level of the last decline from the $103.67 high to $90.33 low.

It was a decent recovery, but failed around a key bearish trend line at $97.00, meeting the 50% Fibonacci retracement level of the last decline from the $103.67 high to $90.33 low.

The price is once again moving down, breaking another bullish trend line with support at $95.40. It looks like a replica of the last trend line break, suggesting ETH/USD might trade back towards the $90.00 level in the short term.

Ethereum ETH USD Forecast Chart

A close below $95.00 might escalate the downside move. Looking at the 2-hour chart, Ether price just managed to hold a crucial bullish trend line at $94.00.

If ETH/USD closes below $94.00, it could ignite a sharp decline with a potential for a move towards the all-important $82.00-80.00 support area.

To sum up, there can be a few correction waves in ETH/USD, however the $80.00 pivot holds the key for the current trend in the near term.

Important Resistance Levels

$97.00 and $100.00

Important Support Levels

$90.00 and $82.00

2-hour RSI

The RSI is looming around the 50 level, and struggling to hold the neutral level.

2-hour MACD

The MACD is reducing the bullish slope.

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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