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Ethereum Price Forecast: Ether Correcting Gains, $460 Holds The Key

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is correcting lower toward key supports against the US dollar. ETH/USD must stay above $440.00 to remain in a positive zone.

Key Highlights

Ether’s price formed a high at $486.95 and is currently correcting lower against the US dollar.
There are key supports on the downside, like $465.00, $460.00, and $452.00 on 30-minute chart of ETH/USD.
ETH/BTC is trading in a range above the 0.0700BTC support area.

Technically, the 2-hour chart indicators are correcting lower from the overbought zone.

Ether Price Analysis

Yesterday, there were further gains in ETH/USD above the $460.00 resistance. The pair even broke the $475.00 resistance and traded to a new monthly high at $486.95 before starting a downward correction.

On the other hand, ETH/BTC remained in a range and struggled to clear the 0.0720BTC resistance. On the downside, a key support sits at 0.0700BTC which must hold losses in the near term.

Ether Price Analysis Chart

Looking at the 30-minute chart of ETH/USD, the pair traded toward the $490.00 resistance. However, it failed to hold gains and declined below an important channel support at $478.00.

It opened the doors for a downward correction and the price tested the 23.6 Fibonacci retracement level of the last wave from the $405.29 low to $486.95 high near $465.00. Any further declines could push the price toward the next supports at $460.00 and $452.00.

The 2-hour chart of ETH/USD indicates the significance of the $460.00 support (the previous resistance). There is also a connecting bullish trendline on the same chart with support at $465.00.

Ethereum price chart ETH

Therefore, a close below $460.00 may possibly extend the current correction toward $452.00. Finally, the most important support is at $440.00, below which, Ether’s price will most likely move back into a bearish zone.

Alternatively, should Ether bounce back from the $460.00 support, it may well revisit the $475.00 resistance. To the topside, the $485.00-490.00 resistance zone is crucial for more gains in the coming days.

Important Resistance Levels

$485.00 and $490.00

Important Support Levels

$460.00 and $452.00

2-hour RSI

The RSI is moving lower toward the 50 level.

2-hour MACD

The MACD is slowly reducing its bullish slope.

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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