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ETH/USD Forecast: Ether’s Downside Correction Underway





Ether has started a what could prove to be a major correction against the US dollar and bitcoin. ETH/USD has to stay above $600.00 to avoid a test of the $500.00 level.

Key Highlights

Ether has started a downside correction and has moved below the $750 support against the US dollar.
There was a break below a major bullish trendline with support at $780 on the 4-hour chart of ETH/USD.
ETH/BTC also started a downside correction and moved below the 0.0500BTC support.

Technically, the 4-hour chart indicators have turned lower into the bearish territory.

ETH/USD’s Support Zones

It seems like a short-term top is formed above $860.00 in ETH/USD as the pair started a downside move. It is now below the $700.00 handle and it is currently trading in the bearish zone.

Ethereum Price ETH/USD Forecast

Similarly, the ETH/BTC pair started a downside correction and moved below the 0.0500BTC support. It might continue to correct lower toward the 0.0450BTC support.

Looking at the 4-hour chart of ETH/USD, there was a break below a major bullish trendline with support at $780.00. It opened the doors for more losses and the pair even traded below an important support at $700.00.

The pair tested another crucial support at $600.00, where it found strong bids and recovered. However, the pair has breached the 50 percent Fibonacci retracement level of the last wave from the $429.74 low to $865.00 swing high.

The trendline break at $780.00 was crucial and has pushed the pair in the bearish zone in the short term. Should the pair continue to move down and break the $600.00 support, there can be more declines toward the next key support at $500.00.

Ether Price Analysis Chart

Moving on to the hourly chart of ETH/USD, there was a clear break and close below $750.00. Therefore, if the pair corrects higher from the current levels, the stated $750.00 level could act as a strong barrier for buyers.

Overall, Ether is in a major correction phase and ETH/USD might continue to correct lower or consolidate above the $600.00 level in the near term. 

Important Resistance Levels

$750.00 and $780.00

Important Support Levels

$600.00 and $500.00

4-hour RSI

The RSI is now below 50 and is showing a few bearish signs.

4-hour MACD

The MACD has moved into the bearish zone.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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