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Ether Price Analysis
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Ethereum Price Forecast: Ether's Recovery Won’t Be Easy





Ether’s price is declining toward important supports against the US dollar. ETH/USD is likely to bounce back after testing the $452.00 support area.

Key Highlights

Ether’s price declined and settled below the key support at $470.00 against the US dollar.
A crucial resistance has formed near $470.00-475.00 on the 30-minute chart of ETH/USD.
ETH/BTC is slowly recovering and moving higher toward the 0.0600BTC resistance.

Technically, the 30-minute chart indicators are signaling a strong bearish bias.

Ether Price Analysis

During the past three sessions, there was no major upward move for ETH/USD. The pair struggled to recover above the $480.00 resistance level, resulting in a decline.

On the other hand, ETH/BTC started an upward correction and is slowly moving toward the 0.0600BTC resistance. Bitcoin's price declined sharply below $8,000 versus the US dollar, helping Ether in correcting higher.

Ether Price Analysis ETH

The 30-minute chart of ETH/USD indicates that the pair started a major drop after forming the $484.10 high. It fell and broke a key support area near $470.00-475.00. Ether sellers gained control, resulting in a break below the $460.00 support.

The price traded as low as $456.99 and is currently recovering higher. There is an initial resistance near $465.00 and the 23.6 percent Fibonacci retracement level of the last drop from $484.10 high to $456.99 low.

However, the most important resistance is around $475.00 and a bearish trendline on the same chart. If it can overcome this hurdle, Ether’s price will most likely revisit the $485.00 resistance area.

Should the price fail to move past $465.00, it could resume its descent toward the $456.99 low and a connecting support trendline on the 30-minute chart. Below this, ETH/USD may perhaps trade toward a crucial bullish trendline with support at $452.00 on the 4-hour chart.

Ethereum Price Forecast ETH

The chart suggests that the price is currently in the fifth wave from the $515.09 high. It may well complete the current wave structure anywhere between $440.00-450.00 and climb higher.

Overall, Ether's recovery won’t be easy but as long as the price is above the $440.00 low, it could bounce back and break the $485.00 resistance in the near term.

Important Resistance Levels

$465.00 and $475.00

Important Support Levels

$456.00 and $452.00

30-minute RSI

The RSI is now well below the 35 level.

30-minute MACD

The MACD is gaining strength 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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