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ETH/USD Forecast - Is This ‘THE' Correction?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether bulls were not able to take the price above $12.60, which resulted in a downside move. Can the recent slide be considered as a correction or trend change?

Key Highlights

Ether price failed to break an important resistance area at $12.50-60 against the US Dollar and moved down.
Yesterday’s highlighted resistance band zone on the 4-hours chart the ETH/USD pair acted as a barrier for more gains.
The pair started a correction wave and broke the $12.00 support.

Technically, the hourly chart shows that the price has extended its decline after failing to surpass a bearish trend line.

Ether Price under Bearish Pressure

The price recently traded close to a crucial resistance of $12.60. I was hoping for a break and a test of $13.00. Unfortunately, yesterday’s highlighted resistance band zone at $12.50-60 on the 4-hours chart of the ETH/USD pair stopped gains and ignited a downside move.

Ether Price Analysis Chart Ethereum

The GBP/USD pair declined to a fresh daily low, printing $11.65 and still under selling pressure. There is a bearish trend line formed on the hourly chart, acting as a resistance and pushing the pair down.

Recently, the pair broke a short-term support area of $11.80 (highlighted with green line), which may ignite further declines. There was a close below the 38.2% Fib retracement level of the last wave from the $10.77 low to $12.82 high, signaling the start of a correction.

ETH Price Analysis Chart

There is a high probability that the pair may extend the current correction and test the 61.8% Fib retracement level of the last wave from the $10.77 low to $12.82 high. However, I feel that the $11.20-00 area, which was a resistance earlier may now provide support and prevent additional downsides.

As long as the price is above the stated support, it can be considered in a correction phase. If the ETH bears manage to break it, then there are chances of a trend change.

Important Resistance Levels

$11.80 and $12.00

Important Support Levels

$11.40 and $11.20

Hourly RSI

The RSI technical indicator is now below the 50 level, which is a concern and must recover if the price has to bounce back.

Hourly MACD

The MACD has moved to the bearish zone, signaling the start of a correction.

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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