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ETH/USD Consolidating Losses Before Recovery?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price has started a consolidation phase against the US dollar and bitcoin after yesterday’s decline. Can ETH/USD hold the ground and recover?

Key Highlights

Ether likely formed a short-term bottom at $175.00 against the US dollar and currently consolidating losses.
ETH/USD succeeded in avoiding a daily close below $200.00, which is a positive sign.
There was a slight recovery in ETH/BTC, as it moved above 0.085BTC.

Technically, the hourly chart indicators are pointing a recovery from the oversold readings.

Ether Price Upside Hurdles

Yesterday, we saw a major decline in Ether price versus both bitcoin and the US dollar, and discussed the importance of a daily close below $200.00 in ETH/USD.

Ether Price Technical Analysis Chart

The pair managed to avoid a daily close below $200.00, but the risk of more losses in the near term is far from over.

ETH/USD is flirting with the $200.00 handle and consolidating losses above $180.00. Looking at the hourly chart, the pair recently succeeded in breaking two bearish trendlines at $190.00, which is an early indicator of correction in the short term.

The price even traded above the 23.6 percent Fibonacci retracement level of the last drop from the $240.00 high to $174.08 low. It has opened the doors for more upsides today. However, there are many hurdles on the topside which can stop recovery.

To start with, the $210.00 level is an immediate resistance on the hourly chart. Above $210.00, there is a cluster of bearish trendlines on the 4-hour chart starting from $212.00 up to $240.00. These trendlines are crucial and may prevent buyers from taking control in the short term.

Ethereum ETH USD Forecast

The most important resistance sits at $250.00 (support turned resistance). We can consider it as a pivot for the current bearish trend.

The downside, however, remains supported by yesterday’s low near $175.00. Once again, today’s close is crucial. The pair must close above $200.00 and extend gains to decrease bearish pressures.

In the short term, we can see ranging moves between $190.00-215.00 before the pair attempts a break above $220.00. On the other hand, a failure to hold $180.00 might lead to heavy declines in ETH/USD.

Important Resistance Levels

$210.00 and $225.00

Important Support Levels

$180.00 and $175.00

4-Hour RSI

The RSI is recovering from the extreme oversold readings, and moving higher.

4-Hour MACD

The MACD is slowly steadying in 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. 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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