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ETH/USD Forecast: Ether Down, But Not Out

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether lost its bullish momentum against the US Dollar and Bitcoin. Going forward, ETH/USD may consolidate before making an attempt to break $180.00.

Key Highlights

The $180.00 level proved significant for the ETH/USD pair, as it prevented a break towards $200.00.
There are two important bullish trend lines positioned above $130.00 on the 4-hour chart.
ETH/BTC trimmed more than 10% of its recent gains, and currently trading below the 0.078BTC resistance.

Technically, the hourly chart indicators are above their mid-levels, but lacks bullish momentum.

Ether Price to Correct Further?

Yesterday, we analyzed an important reaction level at $180.00 where the ETH/USD pair was seen struggling. As a result, an indecision pattern formed on the hourly chart just around the same mark.

Ether Price Technical Analysis

The pair failed to clear $180.00. It attempted twice to surpass the stated level, but was unsuccessful, and later moved down sharply below $150.00.

The hourly chart highlights a major drop from $180.00 to $140.00. The downside gained pace with three outside, down bearish patterns. A new intraday low was formed just below $140.00 before the pair found support and started a recovery.

ETH/USD moved above the 38.2% Fibonacci retracement level of the last drop from the $180.23 high to $136.18 low. At the moment, a bearish trend line at $165.00 is preventing further upsides.

The trend line resistance is just around the 61.8% Fibonacci retracement level of the last drop from the $180.23 high to $136.18 low. It clearly holds a lot of importance, and Ether buyers may struggle to break it in one attempt.

When we look at the 4-hour chart of ETH/USD, there are two key bullish trend lines positioned above $130.00. The recent drop from $180.00 found support near these trend lines.

Ethereum ETH USD Forecast

On the upside, the $180.00 resistance may continue to play a major role for the next move in Ether price. It can be considered as a barrier for ETH/USD before it attempts a test of $200.00. Once buyers pierce $180.00, $200.00 is very likely.

On the downside, we need to keep a close watch on the H4 trend lines near $130.00. As long as $125.00 is intact, we may witness a short-term consolidation, followed by an attempt to break $180.00.

Important Resistance Levels

$165.00 and $180.00

Important Support Levels

$140.00 and $130.00

Hourly RSI

The RSI is currently above 50, but started moving lower.

Hourly MACD

The MACD is struggling to maintain its bullish bias.

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

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