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





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. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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