ETH/USD Forecast: Back To $13.20 Support Zone
|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.
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.
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.