Key Highlights
The ETH/USD pair struggled to break the $98.00 resistance and fell towards $90.00, which is an important support.
During the downside move, the pair broke a bullish trend line at $96.00.
An increase in buying interest for Bitcoins prompted a decline in ETH/BTC towards 0.055BTC.

Technically, the hourly chart indicators are now slightly bearish and under pressure.

Can Ether Price Gain Momentum?

The up-move in Ether was short-lived against both the US Dollar and Bitcoin, as there was a rapid pullback from the recent highs.

Ether Price Technical Analysis Chart

The ETH/USD pair failed on two occasions to break the $98.00 resistance, resulting in a decline. It suggests that recent strong bullish pressure has eased, but it does not mean that we can expect a significant pullback.

During the downside move, the pair broke a bullish trend line at $96.00, and the 50% Fibonacci retracement level of the last wave from the $91.00 low to the $98.00 high.

The pair traded below the $91.00 swing low and formed a new intraday low at $89.08. A strong buying interest around $90.00 prevented further declines and pushed the price higher.

The pair moved higher, but struggled to move past $95.00, and the 50% Fibonacci retracement level of the last decline from the $98.00 high to $89.08 low. It retested the $90.00 support, which once again held the downside move.

The recent failures to break $90.00 clearly suggests that the mentioned level holds a lot of importance, and can be considered as a pivot area.

Ethereum ETH USD Forecast

The 4-hour chart also highlights its significance. A crucial bullish trend line and a horizontal support is found at $90.00, preventing declines in ETH/USD.

As long as the price is above $90.00, it remains supported for another leg higher. On the upside, a break above a bearish trend line at $95.00 is needed for Ether price to gain momentum in the near term for a retest of $100.00.

Important Resistance Levels

$98.00 and $100.00

Important Support Levels

$90.00 and $89.00

Hourly RSI

The RSI is just below the 50 level and almost flat.

Hourly MACD

The MACD is currently struggling to move back in the bullish zone.
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?
05-09-2017 ETH/USD Declines Sharply Amid Profit Taking
05-08-2017 ETH/USD Forecast: $90.00 Hold, Key In Short-term
05-07-2017 ETH/USD Weekly Forecast: Ether Primed For Lift-Off
   

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