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Ether Price Analysis
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Ether Price Back In Range; What’s Next?





ETH/USD after hitting yesterdays’ target of $13.25 found offers, and moved down. However, it remains supported around $13.00.

Key Highlights

Ether price jumped higher as forecasted yesterday and traded as high as $13.26 versus the US Dollar.
The ETH/USD pair faced sellers around the $13.25 mark, and moved down.
It looks like the pair is back inside a range of $13.00-13.25.

Technically, the 2-hours chart suggests that the price is challenging a major support area at the moment.

ETH/USD Analysis

Yesterday, I mentioned that there is a chance of Ether price heading towards $13.25 at least versus the US Dollar. It did trade higher, and posted an intraday high of $13.26 where sellers managed to defend any further upsides.

Ether Price Analysis Technical Chart

There was a sharp reaction around $13.25, and it looks like the ETH buyers failed miserably to retain momentum. A perfect top pattern was created on the 30-min chart of ETH/USD. During the downside drift, the price broke the 50% Fibonacci retracement level of the last wave from the $12.92 low to $13.26 high.

It represents a clear bearish signal, as can be seen from the last 4-5 30-min candles. The price fell sharply and traded close to the $13.00 handle. However, the Ether buyers are currently preventing the downside move.

ETH/USD Forecast Ethereum

When we look at the 2-hours chart of ETH/USD, there are a few support levels which holds the key in the short term. Currently, the price is trading at $13.05, which is an initial support. The next support on the downside is at $12.92, which was the last swing low as well.

So, we can say that the price at the moment is testing a major support zone, and there are chances of a recovery. If the price bounces from the current or a bit lower levels, it means that a range is formed. On the upside resistance is at $13.25, and on the downside support is at $13.00-$12.92. We may continue to witness ranging moves for the next couple of sessions.

Important Resistance Levels

$13.15 and $13.25

Important Support Levels

$13.00 and $12.92

30-min RSI

The RSI technical indicator moved below the 50 level, which is a bearish sign.

30-min MACD

The MACD turned sharply into the bearish slope, but now stable.

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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