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ETH/USD Regains Losses To Retest Resistance

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price regained losses after testing the $7.55 support versus the USD. Now, the main question is whether ETH/USD can break the $7.80 resistance or not?

Key Highlights

Ether price after creating a minor intraday low against the US dollar traded higher towards $7.75.
Yesterday’s highlighted lower low pattern was filled, as the price recovered after forming a new low.
The ETH/USD pair still below the $7.80 resistance area, which may continue to act as a hurdle.

Technically, the indicators on the 30-min chart are turning north, which is a short-term bullish sign.

Can Ether Price Make It?

We have seen many times how Ether price struggled to clear the $7.80 and $7.90 resistance levels against the US Dollar. The price is once again trading near the same area, and attempting a break higher.

Ether Price Analysis Chart

Yesterday, there was a lower low structure formed, which resulted in a new intraday low. ETH/USD declined and traded near the $7.55 support where it found bids and started recovering.

The upside move was positive, as the pair broke the 61.8% Fibonacci retracement level of the last decline from the $7.77 high to $7.56 low to register gains. At the moment, the pair is finding resistance near a bearish trend line on the 30-min chart at $7.75.

The price attempted not once but twice to break the trend line resistance, but failed. There is even a chance of a third attempt if the market sentiment remains positive.

If there is a correction, then an initial support is at $7.60, representing the 23.6% Fibonacci retracement level of the wave from the $7.56 low to $7.74 high.

Ethereum ETH/USD Forecast Chart

Looking at the 2-hours chart, it looks like an upside move in ETH/USD won’t be easy. The pair is facing a major resistance near $7.75-80. If there a break, then another resistance is waiting on the upside in the form of a bearish trend line.

It looks like the pair may continue to consolidate for some time before making an attempt to break the $7.80 and $7.90 resistance levels.

Important Resistance Levels

$7.80 and $7.90

Important Support Levels

$7.55 and $7.50

30-min RSI

The RSI technical indicator is well above the 50 level in the bullish zone.

30-min MACD

The MACD has moved from the bearish to bullish slope, which is a positive sign in the short term.

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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