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Ether Price Remains In Driver's Seat Versus US Dollar

By

Aayush

Jindal

Guest AnalystETHNews.com

The ETH/USD pair recovered this past week, as the bulls had an upper hand before sellers appeared at $12.30. Let us analyze whether the pair can continue to trade higher after a correction or not.

Key Highlights

Ether price had a good week against the US Dollar, as it managed to recover from the lows and posted gains.
The ETH/USD pair closed above a couple of key pivot levels, suggesting bullish signs in the near term.
The recent recovery in ETH/USD was stopped around an important triangle resistance formed on the last 14-days chart.

There is a 5-wave structure forming inside a triangle pattern on the last 14 days chart, which may spark the next move after pattern completion.

ETH/USD Breakout Pattern

This past week the Ether managed to recover against the US Dollar and posted a new 10 days high of $12.30. During the upside, the ETH/USD pair broke a monster resistance area at $11.00-$10.80, which may now act as a support.

Ether Price Analysis Chart

The pair has started a correction wave and already moved below the 23.6% Fibonacci retracement level of the last wave from the $10.26 low to $12.30 high, and currently attempting to close below the 38.2% Fibonacci level of the same wave.

If the ETH bears are successful in taking the price further lower, then a test of the all-important $11.00-$10.80 support area is certain, which also coincides with the 61.8% Fibonacci retracement level. In my view the mentioned support area (highlighted on the 7 days chart with orange line) holds a lot value for ETH/USD going forward. If the price tests the stated levels, the ETH bulls may try their best to defend it.

Ether Price Analysis Chart 14D

If we have a look at the last 14 days chart of the ETH/USD pair, then there is a large triangle pattern forming. The recent recovery was stopped right at the triangle resistance trend line, which acted as a barrier.

It looks like the pair is forming a 5-wave structure inside the highlighted triangle pattern, and currently it is in the 5th wave. There is a chance that the 5th wave might complete around the triangle support, and then the price could rocket higher.

So, in my view we can keep a close eye on the $11.00-$10.80 support area for bounce and completion of a 5-wave structure in order to buy Ethers.

Important Resistance Levels

$11.80 and $12.25

Important Support Levels

$11.00 and $10.80

4-hours RSI

The RSI indicator fell below the 50 level, matching with the view of a correction towards $11.00-$10.80

4-hours MACD

The MACD has moved into the bearish zone, signaling an extension of correction wave.

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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