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ETH/USD Gains after Rejection near $6.00

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price bearish extension completed near $6.00 versus USD, and it looks like the ETH/USD pair is forming a corrective pattern for further upsides.

Key Highlights

Ether price after a sharp decline against the US Dollar and Bitcoin found support, and recovered well.
The ETH/USD pair was completely rejected from the $6.00 support, which is a positive sign.
It looks like the recent rejection may ignite further gains in the near term.

Technically, the hourly chart indicators changed direction, and at the moment positioned in the bullish zone.

Ether Attempts to Overcome Selling Pressure

There was a major decline in Ether price yesterday, taking it towards $6.00 against the US dollar and below 0.010BTC versus the Bitcoin. However, the price later found support and started a recovery.

Ether Price Analysis Chart

In yesterday’s analysis, I mentioned that the $6.00 support is the key for ETH/USD, and it must hold the downside move. It did act as a crucial barrier for further losses and pushed the pair higher. The stated support represents a major monthly pivot, which is why it won’t be easy to break.

During the recent upside move, the price broke a couple of intermediate resistances. First, the 61.8% Fibonacci retracement level of the last decline from the $8.10 high to $5.84 low was cleared. Second, a bearish trend line on the hourly chart at $7.10 was broken.

All these breaks opened the doors for further upside in ETH/USD. The pair traded as high as $7.94 where it found resistance, and started correcting lower. It is currently trading near the 23.6% Fibonacci retracement level of the recent wave from the $5.84 low to $7.94 high, which is acting as a support near $7.50-40.

Ethereum ETH USD Forecast Chart

There is a chance of a pullback towards the $7.00 level, which may act as good support for ETH/USD. Looking at the 4-hours chart, it looks like the pair is trading near a major juncture.

There is a monster bearish trend line, and the pair is attempting a close above it. If it succeeds, there can be more gains else the pair might trade lower towards $7.00.

Important Resistance Levels

$7.80 and $8.00

Important Support Levels

$7.00 and $6.40

Hourly RSI

The RSI technical indicator has jumped and settled above the neutral level in the bullish zone.

Hourly MACD

The MACD has changed the bias and now pointing bullish momentum.

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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