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ETH/USD Forecast: $90.00 Hold, Key In Short-term

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is finding it hard to break $98.00-100.00 against the US Dollar. On the downside, ETH/USD is holding the $90.00 support very well.

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.

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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