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ETH/USD Forecast: Ether Responds to Key Trend Line

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price failure to gain momentum above $93.00 against the US Dollar has increased the chances of ETH/USD retesting $86.00.

Key Highlights

The ETH/USD pair failed to settle above the $93.00 resistance, and declined below $90.00.
A key bearish trend line on the 4-hour chart at $93.50 prevented the upside move.
The ETH/BTC pair performed well, and moved above the 0.050BTC resistance.

Technically, the hourly chart indicators turned south, and now well in the bearish territory.

Why Ether Price Failed to Gain Momentum?

Yesterday, we witnessed a break above the $92.00 resistance in ETH/USD, and were waiting for it to gain momentum above the $93.00 barrier.

Ethereum ETH USD Forecast

However, the pair failed to gather pace above $93.00, and declined sharply. The main reason was a key bearish trend line on the 4-hour chart at $93.50, which acted as a major hurdle for buyers and prevented further gains.

The price retreated after testing the trend line resistance and broke the $91.00 and $90.00 support to turn bearish in the short term.

Looking at the chart, there is a possibility of Ether price declining back towards the $82.00 support zone, which is the most important pivot and must prevent additional losses in ETH/USD.

On the upside, the pair needs to break the highlighted trend line resistance (currently at $92.00) in order to advance for an upside move towards $98.00-100.00.

Dropping down to the hourly chart, ETH/USD broke two significant bullish trend lines at $92.00 and $91.00, igniting a downside move. A low was formed at $87.29, and currently the pair is attempting a recovery.

It may soon find resistance near the $89.00 area, which also coincides with the 23.6% Fibonacci retracement level of the last drop from the $93.62 high to $87.29 low.

Ether Price Technical Analysis Chart

However, I won’t consider it as a significant hurdle for a recovery in Ether price. It could easily acquire bids and move back above $90.00 later today.

Overall, the recent decline should not be a major concern for Ether buyers as long as the price stays above $82.00-80.00, and the current wave can be considered as a part of corrective structure.

Important Resistance Levels

$90.00 and $93.00

Important Support Levels

$86.00 and $82.00

Hourly RSI

The RSI is currently at 35 and under divergence.

Hourly MACD

The MACD moved from the bullish to bearish zone.

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

ETHNews is commited to its Editorial Policy

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