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ETH/USD Needs To Capitalize On Recent Recovery

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price recent recovery seems to be fading, and if ETH/USD fails to capitalize soon, it may decline once again towards $8.00.

Key Highlights

Ether price started a recovery move against the US Dollar and Bitcoin, but struggled to gain momentum.
The ETH/USD pair found offers near the $8.80 resistance, which is still acting as a hurdle for more gains.
There is a break noted on the 4-hours chart, but with no pace for a break above $8.80.

Technically, the indicators on the hourly chart are turning south, which is not a good sign.

Ether Price Struggle to Break $8.80

There was a minor upside move in Ether price against the USD and BTC, but buyers failed to hold the momentum. As a result, the price is again at a risk of a decline in the short term.

Ether Price Analysis Chart

So, what’s stopping further upsides in ETH/USD? There is a major resistance area at $8.80, which is acting as a strong offer zone, and preventing a break. There was another attempt made recently by Ether, but it failed to break it.

The hourly chart of ETH/USD clearly highlights the resistance area and the recent rejections. The pair is currently moving lower, broke a short-term bullish trend line, and currently testing the second trend line support.

It looks like the price may break the trend line support for a test of the 50% Fibonacci retracement level of the last wave from the $7.79 low to $8.75 high where the price may find support.

Ethereum ETH USD Forecast

Looking at the 4-hours chart of ETH/USD, there is a bullish break visible above a bearish trend line. However, there was no momentum after the move. Meaning the chances of it being a false break are very high.

The pair has already started to struggle and currently moving down. It remains at a risk of more losses. Only if the pair manages to capitalize on the recent recovery, there is a possibility of a break above $8.80 for further gains. Until then, the pair may face a lot of selling pressure.

Important Resistance Levels

$8.75 and $8.80

Important Support Levels

$8.20 and $8.00

Hourly RSI

The RSI technical indicator is just above the 50 level and losing momentum.

Hourly MACD

The MACD after staying bullish for some time back into the bearish slope.

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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