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ETH/USD Forecast: Back To $13.20 Support Zone

By

Aayush

Jindal

Guest AnalystETHNews.com

ETH/USD is back from where it started ($13.25). Let us see whether Ether price can bounce once again or not.

Key Highlights

Ether price after creating a new weekly high of $13.52 against the US Dollar, corrected lower.
The ETH/USD pair is back to a monster support area of $13.20-25.
It was a resistance earlier, and currently holding further downsides.

Technically, the 4-hours chart is pointing another rejection at $13.50 in ETH to USD.

Ether Price Analysis

There was a nice upside move in ETH/USD yesterday, as the pair formed a new high of $13.52. It looks like the bulls failed to maintain the bullish trend, as there was a rejection noted around the stated level.

Ether Price Analysis Chart

The pair moved down and broke the 38.2% Fib retracement level of the last wave from the $13.04 low to $13.52 high. So, it cleared the way for more losses. However, I mentioned yesterday that the $13.25 level may now act as a monster support if the pair corrects lower.

It did come for rescue and protected further losses. Ether price is currently trading above the $13.25-20 support area and consolidating the recent correction losses. As long as the price is above the highlighted support area on the hourly chart, it may recover soon.

ETH/USD Forecast Ethereum

When we have a look at the 4-hours chart of ETH/USD, there is a clear rejection pattern at $13.50. We can see two such cases and similar scenarios highlighted with circles on the chart. Both times, the price struggled to break the $13.50 level, got rejected and moved down.

On the downside, there is a bullish trend line formed on the 4-hours chart, which may act as a support if the pair continues to move down. Overall, it looks like the recent failure at $13.50 was crucial, but the price remains supported at $13.20-25.

Important Resistance Levels

$13.38 and $13.50

Important Support Levels

$13.25 and $13.20

Hourly RSI

The RSI technical indicator broke the neutral level, and currently attempting to head north.

Hourly MACD

The MACD moved sharply into the bearish zone, 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.