ETH/USD Forecast: Yet Another Failed Attempt
|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.
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.
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.