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ETH/USD Forecast – Bullish Breakout At Sight

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price declined further and traded towards the $11.60 support versus the US Dollar. Currently, it is attempting a recovery with a bullish breakout at sight.

Key Highlights

Ether price after another push lower against the US Dollar found support at $11.60.
There was a correction wave started, which may extend in the short term.
The ETH/USD pair just broke a major bearish trend line on the 2-hours chart, but we need to see if it’s a real one or not.

Technically, the 2-hours chart is showing positive signs, but we need more for a change in the trend confirmation.

Ether Price Recovery Started?

The Ether sellers had another good day in the office, as the price declined towards $11.60 against the US Dollar, and 0.0190BTC versus Bitcoin. Later, the buyers fought and attempted to protect more losses in the near term.

Ethereum Ether Price Analysis Chart

It looks like their efforts worked, as the ETH/USD pair started a short-term recovery. The 30-min chart of the pair highlights a recovery pattern with a break of a tiny bearish trend line. However, the upside found resistance near $12.10, which according to me is a major hurdle in a recovery.

The price is currently moving back down. If it continues to move down, there can be bids near the 50% Fibonacci retracement level of the last leg from the $11.64 low to $12.08 high. If it holds, the price may once again move higher. The technical pattern on the 30-min chart suggests a 5-wave structure, which may end up pushing the price above $12.08.

ETHUSD Forecast

The 2-hours chart of ETH/USD is pointing a very important break. There was a bearish trend line, which is cleared by the bulls during the recent upside.

If the highlighted break on the chart is true, it is a sign of the start of a recovery in ETH/USD. In the mentioned scenario, the price may head towards the 50% Fibonacci retracement level of the last drop from the $13.51 high to $11.64 low, which is at $12.50.

Important Resistance Levels

$12.10 and $12.40

Important Support Levels

$11.80 and $11.60

2-hours RSI

The RSI technical indicator is recovering and currently heading north.

2-hours MACD

The MACD has started moving away from the bearish zone.

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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