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ETH/USD Forecast: Ether’s Downside Correction Underway

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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

ETHNews is commited to its Editorial Policy

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