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ETH/USD Rejected By Sellers around $7.90

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price recent recovery attempt failed near $7.95 against the US dollar. Going forward, ETH/USD may trade in a range with a strong support at $7.50.

Key Highlights

Ether price started a short-term correction against the US Dollar, which found resistance near $7.90-95.
The ETH/USD pair traded lower after a rejection near $7.95, and broke a bullish trend line formed on the hourly chart.
The pair seems to be struggling at the moment, and may trade back towards the $7.50 support.

Technically, the indicators on the hourly chart have resumed their declines after correcting oversold conditions.

Ether Price to Test $7.50?

This past week was not that good for Ether price, as it faced a lot of hurdles against the USD and BTC. The ETH/USD pair kept facing offers near $7.90-$8.00, and failed to post a substantial recovery.

Ether Price Analysis Chart

The recent recovery stalled just above $7.90 where sellers managed to defend further upsides. There were 3-4 attempts to pierce the stated resistance, but Ether price could not gain momentum.

As a result, there was a downside reaction. The ETH/USD pair fell below the 23.6% Fibonacci retracement level of the last wave from the $7.49 low to $7.93 high. The most important point to note is that the pair cleared a short-term bullish trend line formed on the hourly chart.

The pair is currently testing the 50% Fibonacci retracement level of the last wave from the $7.49 low to $7.93 high at around $7.65 and finding bids. However, the recent break looks crucial, and may ignite more declines in ETH/USD.

Looking at the last three candles, there is a bearish formation, having a potential for a push towards $7.50. As long as the pair keeps struggling below $7.90, there cannot be a proper recovery.

Ethereum ETH/USD Forecast

The stated level is very important, and the 4-hours chart also suggests the same. It was a critical support earlier and prevented downsides. Now, it is acting as a resistance and stopping upsides.

The current pattern on the 4-hours chart looks like a consolidation ahead of the next wave in ETH/USD.

Important Resistance Levels

$7.90 and $8.00

Important Support Levels

$7.55 and $7.50

Hourly RSI

The RSI technical indicator has breached the 50 level, suggesting a short-term bearish bias.

Hourly MACD

The MACD has moved back in the bearish slope, and about to extend it.

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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