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Ethereum Forecast: ETH/USD Declines Remain Limited





Ether is correcting lower against the US dollar but forming a bearish bias versus bitcoin. ETH/USD declines should be limited by $450.00 and $425.00 supports.

Key Highlights

Ether failed to hold the $470.00 support and moved down against the US dollar.
There was a break below a key bullish trendline with support around $470.00 on the 2-hour chart of ETH/USD.
ETH/BTC extended declines and is moving toward the 0.0450BTC support.

Technically, the 6-hour chart indicators are moving lower in the bullish territory.

Ether Price to Bounce Back Soon

Yesterday, we discussed an important support area near $472.00-$470.00 in ETH/USD. The pair failed to stay above $470.00 and declined toward $460.00.

Ether Price Analysis Chart

Looking at ETH/BTC, there was no recovery and the pair extended declines below 0.0480BTC. The next major support on the downside is close to 0.0450BTC.

The 2-hour chart of ETH/USD suggests that the pair is struggling to move above $490.00 to test $500.00. It started a downside correction and settled below a key bullish trendline with support around $470.00. It opened the doors for an extended correction and the pair traded toward $460.00.

It seems like the 23.6 Fibonacci retracement level of the last wave from the $357.36 low to $490.34 high is acting as support near $460.00 and is preventing further declines.

Below $460.00, the next major support is at $450.00, which is the last swing low followed by a crucial support at $425.00. Looking at the 6-hour chart of ETH/USD, the pair seems to be consolidating recent gains above the $450.00 level.

Ethereum Price ETH USD Forecast

It is very unlikely that the pair would break $450.00 and $425.00 before making another upside attempt. Should there be a break below $425.00, Ether’s price could test a major bullish trendline with support at $410.00 on the same chart.

To sum up, the current price action is mostly corrective in nature and once a support base is formed, ETH/USD will most likely bounce back above $475.00 in the near term.

Important Resistance Levels

$480.00 and $490.00

Important Support Levels

$460.00 and $450.00

6-Hour RSI

The RSI is correcting lower and is moving toward the 55-50 levels.

6-Hour MACD

The MACD remains well positioned 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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