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ETH/USD Forecast – Win-Win For Ether Buyers

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price is currently in a correction mode, but the ETH/USD pair may soon find support around $13.00, which is a major technical level.

Key Highlights

Ether price after trading as high as $14.31 against the US Dollar this past week found sellers.
The ETH/USD pair is currently correcting lower, but may soon find support on the downside.
There are a couple of important bullish trend lines formed on the 12-hours chart to provide support.

Technically, the 12-hours is showing that ether price may come back to life soon.

Ether Price Analysis

Let us start with a recap of this past week. There was a bullish wave in Ether price against both the US Dollar and Bitcoin this past week. Both ETH/USD and ETH/BTC pairs traded with a positive tone, and registered good gains. Later, they both found sellers and started a correction wave.

Ether Price Analysis Technical Chart

The ETH/USD pair during the recent correction traded from a high of $14.31 to $12.71. It is now finding support and attempting to move back higher. When we look at the hourly chart, there is a bearish trend line formed, protecting an upside move in ETH/USD.

There is also a major resistance area formed at $13.50 (as highlighted in yesterday’s post), which is protecting gains. The stated resistance also coincides with the 50% Fibonacci retracement level of the last drop from the $14.31 high to $12.70 low. So, it won’t be easy for the buyers to break it.

First, if the Ether buyers manage to break the trend line resistance, there is a chance of a retest of $13.50. Any further gains may put the price back in the bullish area with a potential of a move towards $14.20.

ETH/USD Weekly Forecast Ethereum

When we look at a higher time frame chart like 12-hours, we can see a lot of reasons why ETH/USD remains supported. There are two critical bullish trend lines formed on the chart, which may act as a barrier for sellers on the downside.

Moreover, the chart also shows why the $13.00-$12.80 area is a significant support and may act as a buy zone. So, if you are looking to buy Ether, then consider placing a stop below the highlighted trend lines.

Weekly Resistance Levels

$13.50 and $14.00

Weekly Support Levels

$13.00 and $12.80

12-hours RSI

The RSI technical indicator is sitting near the 50 level, with no major direction.

12-hours MACD

The MACD is just in the bullish zone, and waiting for the bulls to take control.

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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