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Ethereum Forecast: ETH/USD Biased To The Upside

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether remains above a key support against the US dollar while struggling versus bitcoin. ETH/USD is likely forming a short-term bottom near $440.00-450.00.

Key Highlights

Ether struggled to break the $475.00-480.00 resistance area and declined against the US dollar.
ETH/USD is holding a short-term connecting bullish trendline with support at $450.00 on the 2-hour chart.
ETH/BTC moved toward the 0.040BTC support and is currently struggling to stay above the stated level.

Technically, the 2-hour chart indicators are near their midlines in the bullish territory.

Ether's Price is Facing Major Resistance

ETH/USD keeps failing around the $475.00-480.00 resistance and it recently declined sharply toward the $440.00 and $450.00 supports, which protected further losses.

Ether Price Analysis Chart

ETH/BTC kept on declining and moved below the 0.0420BTC support. The pair tested the 0.040BTC support and is currently finding it difficult to recover in the near term.

Starting with the 30-minute chart of ETH/USD, the pair failed to gain momentum above $481.24 and started a downside move. During the decline, there was a break below a key bullish trendline at $479.00. The pair traded as low as $440.24 before starting a correction.

It corrected by more than 50 percent of the last drop from the $481.24 high to $440.24 low. However, buyers failed once again: Ether’s price made a downside move and broke a connecting bullish trendline at $466.00.

The recent low was near $446.00 and it seems like the price is preparing for another upside move. It is facing resistances near $470.00, $475.00, and $480.00 levels. Moving on to the 2-hour chart of ETH/USD, there is a bullish trendline forming with current support around $450.00.

Ethereum Price ETH USD Forecast

The same chart suggests that there are two support levels – $450.00 and $425.00. Should there be a break below $425.00, Ether could retest the last swing low of $394.11.

Overall, the 2-hour chart technical indicators are signaling positive bias and recently bounced from around their mid lines, leaning ETH/USD scale toward the topside. Upsides beyond $470.00 expose $480.00 followed by the $500.00 handle.

Important Resistance Levels

$470.00 and $480.00

Important Support Levels

$450.00 and $425.00

30-minute RSI

The RSI is recovering and moving toward the 45-50 levels.

30-minute MACD

The MACD is currently reducing 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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