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ETH/USD Forecast: Yet Another Failed Attempt

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether buyers failed to push the price above $96.00 against the US Dollar, igniting a downside move towards an important support area.

Key Highlights

A relatively strong rejection near $96.00 in ETH/USD suggests lack of strength in the market sentiment.
The pair moved down and currently trading near a crucial support area at $92.00.
On the other hand, the ETH/BTC pair remained above the 0.052BTC support.

Technically, the hourly chart indicators turned lower and nearing their mid-line levels.

Ether Price Testing Important Support

Monday ended with Ether, once again, unable to trade past $98.00-100.00 against the US Dollar, and later moved down. On the other hand, the ETH/BTC pair was stable and held the 0.052BTC support.

Ether Price Analysis Chart

Yesterday, we were looking for Ether price to settle above $93.00 for a move towards $98.00-100.00, but it failed to hold on to the bullish momentum.

The hourly chart of ETH/USD clearly points a rejection near $96.10, as the pair tumbled. It fell below the 23.6% Fibonacci retracement level of the last wave from the $88.63 low to $96.10 high to initiate a downside move.

During the downside move, the pair surpassed a bullish trend line at $93.80, which further added to the bearish pressure. At the moment, a monster support is at risk just below $92.00.

The $92.00 support represents a confluence zone of a bullish trend line and horizontal line. It is also near the 50% Fibonacci retracement level of the last wave from the $88.63 low to $96.10 high.

A drop and close below $92.00 might not be good for the current trend, however, it is likely that ETH/USD will hold and resist such drop. Even if there is a dip below the stated level, there is another crucial support waiting on the downside at $90.00-89.00.

Ethereum ETH USD Forecast

The 4-hour chart of ETH/USD points to a significant horizontal support area at $90.00-89.00, which can be considered as weekly pivot.

Nevertheless, the pair has breached a bearish trend line on the same chart at $91.00, and since it is above $90.00, there are chances of a bounce back in the near term.

Important Resistance Levels

$93.00 and $96.00

Important Support Levels

$92.00 and $90.00

Hourly RSI

The RSI is still above the 50 level, but struggling.

Hourly MACD

The MACD has reduced its bullish zone, and about to enter the 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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