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ETH/USD Forecast: Short Term Breakdown

By

Aayush

Jindal

Guest AnalystETHNews.com

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, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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