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Ethereum Price Forecast: Ether Recovery Loses Momentum

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price lost momentum above the $480.00 level against the US dollar. ETH/USD is correcting lower, but it remains well bid above the $460.00 support.

Key Highlights

Ether’s price recovery faced a strong barrier near the $485.00 level against the US dollar.
ETH/USD broke an ascending channel with support at $478.00 on the 30-minute chart.
ETH/BTC is consolidating losses near the 0.0580BTC level with neutral signals.

Technically, the 2-hour chart indicators are moving lower toward their midlines in the bullish territory.

Ether Price Analysis

During the past three sessions, there were positive moves in ETH/USD above the $460.00 support. The pair traded above the $480.00 resistance, but it failed to hold gains and is currently correcting lower.

ETH/BTC started a major consolidation and is currently trading near the 0.0580BTC level. The pair must break the 0.0600BTC resistance to start a decent recovery in the near term.

Ethereum Price Forecast ETH

Starting with the 2-hour chart of ETH/USD, the pair gained traction above the $460.00 support. It traded above the $480.00 resistance and the 50 percent Fibonacci retracement level of the last drop from $515.09 high to $440.85 low.

However, the upward move was capped by a connecting resistance trendline at $484.00 and the 61.8 percent Fibonacci retracement level of the last drop. The pair made a couple of attempts to move past $484.00-485.00, but Ether buyers failed to gain control.

The price started a downward move and broke the $480.00 level and an ascending channel with support at $478.00 on the 30-minute chart. However, the 2-hour chart indicates that there is a strong support near the $470.00 and $460.00 levels.

Ether Price Analysis Chart

The 50 percent Fibonacci retracement level of the last wave from the $440.85 low to $484.54 high is also around $460.00. Therefore, should the price correct lower, it will most likely find a strong buying interest near the $460.00 support.

The $480.00 and $485.00 resistance levels may well continue to prevent gains. Above these, the price could accelerate toward $500.00 and $515.00 in the near term.

Important Resistance Levels

$480.00 and $485.00

Important Support Levels

$470.00 and $460.00

2-hour RSI

The RSI is about to test the 50 level.

2-hour MACD

The MACD has mostly reduced 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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