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ETH/USD Correcting Higher But Still Bearish

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price is currently attempting a correction against the US Dollar and Bitcoin, but remains below a few important resistance levels.

Key Highlights

Ether price after a heavy decline against the US Dollar and Bitcoin started correcting higher.
There is a short-term bullish trend line formed on the 30-min chart of ETH/USD, acting as a support.
On the upside, there are several resistance levels, including $9.65, $9.75 and $9.80.

Technically, the 2-hours chart is showing a flat structure, suggesting ranging moves before a break.

Can Ether Price Correction Last Long?

This week started in slow motion, as Ether price started a tiny recovery or we can say a correction pattern against the US Dollar and Bitcoin. The ETH/USD pair after retesting the $9.50 support started correcting higher.

Ether Price Analysis Chart

There is a short-term bullish trend line formed on the 30-min chart, which is currently holding the correction wave. It looks like the current wave may soon end, as there are many resistances on the way up as highlighted in the chart.

Even if the pair breaks the resistance 1 and 2, it won’t be easy to clear $9.75-80. It is a major resistance for ETH/USD, and may stop an upside move. So, looking at the 30-min chart, it looks like the price may soon end the correction and move down once again.

Now, when we look at the 2-hours chart of ETH/USD, there is a contracting breakout pattern formed. The triangle resistance trend line is coinciding the 23.6% Fibonacci retracement level of the last decline from the $10.35 high to $9.45 low.

Ethereum ETH USD Forecast

So, it can be considered as a breakout level for more upsides. If there is a successful close above $9.75-9.80, the chances of a move towards $10.00-10.20 may increase.

On the downside, the recent low of $9.45-50 is a support zone. A close below it would clear the way for a move towards $9.00. Overall, it depends on whether there is an increase in buying interest for ETH for further gains in the short term.

Important Resistance Levels

$9.75 and $9.80

Important Support Levels

$9.50 and $9.45

2-hours RSI

The RSI technical indicator has bounced from the oversold readings, but remains below the neutral level.

2-hours MACD

The MACD is slowly decreasing the bearish slope and may tilt to the bullish 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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