ETH/USD Forecast: New Low and Consolidation
|Ether price made a new weekly low against the US Dollar at $7.02 before starting a correction.|
|The ETH/USD pair consolidated for a few hours before moving above a bearish trend line on the 30-min chart.|
|There is also a short-term break visible on the 2-hours chart of ETH/USD, calling for more gains.|
Technically, the indicators on the 2-hour chart are slowly moving into the bullish area.
Ether Price Possible Upside Move
There was an increase in the bearish pressure on Ether price, taking it below the last low of $7.12 versus the USD. The price traded towards $7.00 and formed a new weekly low at $7.02.
Later, there was a correction wave initiated as the price was rejected just above $7.00. It moved above the 23.6% Fibonacci retracement level of the last decline from the $7.42 high to $7.02 low.
The upside move was strong in ETH/USD, as the pair cleared a bearish trend line on the 30-min chart. Moreover, there was a move above the 6.18% Fibonacci retracement level of the last decline from the $7.42 high to $7.02 low.
The price traded close to the last swing high of $7.42 before pulling back towards the broken trend line. When we have a look at the 2-hours chart of ETH/USD, there is also a break visible.
However, there is a big challenge on the upside near $7.50. I highlighted the stated level as resistance on many occasions, and it still holds a lot of value. There is also a bearish trend line positioned near it, which may stop the upside move.
The pair is currently consolidating at present, and may attempt to move higher once again. In that case, the $7.50 resistance may come into play and prevent any additional gains.