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Ether Price Back In Range; What’s Next?

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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

ETHNews is commited to its Editorial Policy

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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.