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Ethereum Forecast: Can ETH/USD Hold This Crucial Support?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is holding important support against the US dollar while declining versus bitcoin. ETH/USD has to stay above $470.00 to avoid short-term downsides.

Key Highlights

Ether is still in a significant uptrend above the $450.00 pivot against the US dollar.
There is a crucial bullish trendline forming with support around $470.00 on the 2-hour chart of ETH/USD.
ETH/BTC declined below 0.050BTC and is currently showing bearish signs.

Technically, the 2-hour chart indicators are placed nicely in the bullish territory.

Ether May Retest $490

There were further gains in ETH/USD as the pair traded above the $483.51 high and formed a new all-time high at $490.34, where a correction was initiated.

Ethereum Price ETH USD Forecast

On the other hand, the ETH/BTC pair started a bearish wave and moved below the 0.050BTC support. The current price action is negative until the pair moves back above the 0.050BTC level.

Starting with the 2-hour chart of ETH/USD, the pair started a downside correction after forming a new all-time high at $490.34. It moved below the 23.6 Fibonacci retracement level of the last wave from the $451.17 low to $490.34 high.

However, the downside move was limited by a crucial bullish trendline with current support around $470.00. There was a complete test of the 50 Fibonacci retracement level of the last wave from the $451.17 low to $490.34 high.

The pair is currently moving higher and must stay above the trendline support at $470.00 to avoid further declines. Should there be a break below $470.00, the price will most likely retest the last swing low of $451.17.

Ether Price Analysis Chart

Moving down to the 30-minute chart of ETH/USD, there is a short-term connecting bullish trendline forming with support around $470.00. Clearly, the $470.00 support is significant for the current trend.

To the topside, the recent high at $490.34 is an immediate resistance followed by the all-important $500.00 handle. ETH/USD will most likely attempt an upside break if it stays above the $470.00 support in the near term.

Important Resistance Levels

$490.00 and $500.00

Important Support Levels

$470.00 and $450.00

2-Hour RSI

The RSI is moving higher again after correcting lower toward 60.

2-Hour MACD

The MACD has slightly lost the momentum in 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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